Prominent Wall Street bull Ed Yardeni has lowered his year-end target for the S&P 500 from 8,400 to 7,900, citing rising risks of an economic downturn over the next three to six months.

The revised target still represents an upside of about 4.1% from Tuesday’s closing level. It now ranks near the middle of forecasts from more than 20 Wall Street strategists.

Yardeni, president and chief investment strategist at Yardeni Research, said the recent rebound in bond yields prompted him to reduce his projected year-end price-to-earnings multiple for the S&P 500 from 19.8 to 18.6.

The move came just one month after Yardeni raised his target from 8,250 to 8,400, then the highest forecast on Wall Street, citing exceptionally strong corporate earnings growth.