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Technology Stocks : Semi-Equips - Buy when BLOOD is running in the streets!
LRCX 172.27+4.6%Dec 19 9:30 AM EST
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To: Zeev Hed who wrote (6818)8/29/1998 3:02:00 PM
From: Ian@SI  Read Replies (2) of 10921
 
To thread,

Barron's took a piece of the Maria Bartiromo / Abbey Joseph Cohen Business Center interview on CNBC last night.

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. Speaking of the positive side: Abby Joseph Cohen of Goldman Sachs, assuming her familiar role as the steadfast voice of bullishness amid the clamor, swiftly pronounced last week's market slide a sentiment-propelled overreaction to events that pose little threat to the U.S. market's fundamentals. Strip away the alarmist worries about Russia, Brazil and Venezuela, she says, and you are left with happily modest U.S. economic growth and still-rising profits, even taking into account the effects of Asia's slowdown.

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Abby Joseph Cohen,
Goldman Sachs

"What happened to our stock market was an overreaction. We conclude that problems of great consequence to other nations have been largely responsible for recent declines in U.S. stock prices, and that these declines are notably out of proportion with the likely impact on the U.S. economy. Our year-end forecast for the S&P is 1150 and our rolling 12-month forecast is 1250."

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Last week's swoon left stocks 7%-10% undervalued, contends Cohen, who is sticking by her year-end targets of 9300 on the Dow and 1150 for the S&P. One year hence she sees the S&P at 1250. For those who would call Cohen a Pollyanna: She conscientiously declined to raise her index targets earlier this year when the Dow hurdled 9300, and last spring she correctly foretold the recent choppiness.


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