Goldman's Cohen Says Stock Valuations Appealing
NEW YORK (Reuters) - Abby Joseph Cohen, one of Wall Street's most widely watched strategists, attempted for the
second time this month on Thursday to ease investors' concerns about the plummeting stock market, saying stock
valuations are the most appealing they have been all year.
Goldman Sachs & Co.'s bullish strategist also reiterated her 12-month target of 1,650 for the Standard & Poor's 500, 25
percent above where it was trading on Thursday morning.
``Indications that cash is building in portfolios, and that valuations are the most appealing they have been all year, support
the forecast of rising stock prices,'' Cohen said in a note to clients.
She maintained her advice that technology and telecommunications stocks should make up 35 percent of her model portfolio, compared to these
sectors' 32 percent weighting within the S&P 500. In March, when she last changed her position, Cohen recommended a lower weighting in technology
stocks.
The S&P 500 last traded at 1,326.33, down 15.60 points, little changed from when her note was published. |
