STAT OF THE DAY: 93% OF ANALYSTS EXPECT S&P TO RALLY HIGHER
Courtesy of The Pragmatic Capitalist
As if sentiment wasn’t already starting to get a bit too bullish! The latest compilation of analyst estimates and year-end targets is now calling for substantially higher earnings and equity prices. Of the 13 major banks, JUST ONE (Andrew Garthwaite of Credit Suisse) is calling for the S&P 500 to finish the year below the current level. We’ve covered Garthwaite’s full year outlook and it’s very much in-line with our own – a relatively robust first half and a dicey second half. On the other end of the spectrum is Binky Chadha whose price target sits at 1325.
Firm Strategist 2010 Close 2010 EPS =============================================================== Bank of America David Bianco 1,275 $75.00 Bank of Montreal Ben Joyce 1,225 $74.50 Barclays Barry Knapp 1,210 $71.00 Citigroup Tobias Levkovich 1,175 $76.50 Credit Suisse Andrew Garthwaite 1,125 $77.00 Deutsche Bank Binky Chadha 1,325 $80.80 Goldman Sachs David Kostin 1,250 $76.00 HSBC Garry Evans 1,300 JPMorgan Thomas Lee 1,300 $81.00 Morgan Stanley Jason Todd 1,200 $77.00 Oppenheimer Brian Belski 1,300 $76.00 RBC Myles Zyblock 1,225 $76.00 UBS Thomas Doerflinger 1,250 $81.00 --------------------------------------------------------------- Mean 1,243 $76.82 Median 1,250 $76.25 High 1,325 $81.00 Low 1,125 $71.00
Source: Bloomberg
