[Wall Street Major Yardeni Lowers S&P 500 Index Target to 7,900 Points] On September 16, Ed Yardeni, one of Wall Street’s most bullish figures on U.S. stocks, lowered his year-end target for the S&P 500 Index on the grounds that the risk of an economic downturn in the next three to six months is rising. Yardeni, president and chief investment strategist of Yardeni Research Inc., lowered his year-end target for the S&P 500 to 7,900 from 8,400. The previous target of 8,400 was the highest forecast on Wall Street as of last month. The new target implies room for a 4.1% upside from Tuesday's closing level. Yardeni wrote in a note to clients, "Given the recent recovery in bond yields, we lower our year-end price-to-earnings estimate for the S&P 500 from 19.8 times to 18.6 times, and therefore lower our year-end target from 8,400 to 7,900." The senior strategist only raised his target for the S&P 500 from 8,250 to 8,400 in August. At the time, the level further refreshed his own forecast, which was already Wall Street's highest target, driven by "extremely strong" earnings growth momentum.