Roubini Adjusts His S&P Target To 600

In a slightly less pessimistic statement today, Nouriel "Dr. Doom" Roubini said an S&P level of 500 "is less likely, but there is some possibility you get there" and put his S&P target at 600. Roubini's target is based on an S&P 2009 earnings of $50 and a 12x multiple. "My main scenario is that it is highly likely it goes to 600 or below" Roubini said in an interview at the CBOE Risk Management Conference in Dana Point (which one presumes did not have any Citigroup employees present).

“Even if you do everything right with fiscal and monetary policy, we’re still going to be in a recession through the end of this year and into next year,” Roubini said earlier during his speech at the options-industry conference. “The recession train left the station over a year ago, and it’s going to continue.”

Assuming Roubini's 12x earnings multiple is appropriate for the economy, one may be tempted to use Goldman Sachs' top down 2009 estimate of $40 and end up with a 2009 S&P target of 480, although if the market does drop to that point it is safe to say all bets are off.

Roubini's full CNBC interview below.