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Non-Tech : E*Trade (NYSE:ET)

ET 16.26

-1.3%

Nov 25 3:59 PM EST

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To: Spytrdr who wrote (8362)	9/8/1999 9:35:00 PM
From: Spytrdr	Read Replies (1) of 13953

Upbeat Abby September 8, 1999 By Stacey L. Bradford ON WEDNESDAY morning, Goldman Sachs' perennial bull Abby Joseph Cohen raised her price targets for both the S&P 500 and the Dow Jones Industrials. She now expects the S&P 500 to end 1999 trading at 1385 (up from 1350) and the DJIA to hit 11500 (up from 10300). Her 12-month rolling forecast for the S&P 500 is 1450. Why the upward revision? Cohen points to three factors: stronger-than-expected earnings growth, modest inflation and her belief that much of the rise in bond yields has already occurred. But it's earnings growth that she says weighed most heavily upon her decision. Cohen says earnings for the S&P 500 exceeded her forecast during the first part of the year, and she expects the strength to continue. "Analysis of the results by economic sector suggests broad-based improvement that is likely to persist for several quarters," Cohen writes, and it's that durability of profits, rather than just rapid growth, that should earn higher stock prices. So what sectors does Cohen like for the rest of the year? She points to financial-services firms. "We now see opportunities among sectors whose performance has lagged due to investor concerns (which we do not share) that economic growth may soon trigger troubling inflation and notable interest rate gains," she writes. She also likes U.S. technology companies that continue to deliver innovative products and services in computing and communications, not to mention above-average earnings growth.

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