NEW YORK (CNN/Money) - Goldman Sachs equity strategist Abby Joseph Cohen lowered her price targets Wednesday for the S&P 500 index and Dow Jones industrial average, citing investor aversion to risk.

Cohen cut her S&P 500 price target to 1,150 from 1,300 and the Dow Jones industrials price target to 10,800 from 11,300. She added that the targets are not timing devices, but have an approximate 12 to 18 month time frame.

Cohen added that stocks are undervalued, but investor aversion to risk remains high.