United States: Portfolio Strategy - Macro to Micro Shift Part II: 2H 2009 update
July 20, 2009
Breaking the range: We expect a sustained rally
We are raising our year-end 2009 S&P 500 price target to 1060, 13% above the current level. After trading in a 10% band for the past three months, our “Pop, Stall, & Sustained recovery” framework, sequential improvement in ex-Financials EPS, stabilization in profit margins, and higher forward EPS guidance all point to a rising market through 2009.
>> United States: Portfolio Strategy - Macro to Micro Shift Part II: 2H 2009 update July 20, 2009 [PDF, 619 KB]
We are raising our year-end 2009 S&P 500 price target to 1060, 13% above the current level. After trading in a 10% band for the past three months, our “Pop, Stall, & Sustained recovery” framework, sequential improvement in ex-Financials EPS, stabilization in profit margins, and higher forward EPS guidance all point to a rising market through 2009.
>> United States: Portfolio Strategy - Macro to Micro Shift Part II: 2H 2009 update July 20, 2009 [PDF, 619 KB]