JPMorgan remains cautious on S&P 500, sees more than 20% downside risk JPMorgan’s price target for S&P 500 remains 4,200, which signals a 23% downside risk from current levels. JPMorgan remains cautious on S&P 500, sees more than 20% downside risk JPMorgan’s price target for S&P 500 remains 4,200, which signals a 23% downside risk from current levels