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To: Jim McMannis who wrote (122917)	12/14/2000 11:05:46 PM
From: Ibexx	Respond to of 186894

Thursday December 14, 9:49 pm Eastern Time Goldman's Cohen says S&P 500 about 15% undervalued SYDNEY, Dec 15 (Reuters) - Goldman Sachs chief U.S. strategist Abby Joseph Cohen said on Friday the firm believed the Standard & Poor's 500 Index (^SPX - news) was currently about 15 percent below fair value. ``We think the S&P 500 is about 15 percent undervalued,'' she told reporters at a briefing in Sydney. The S&P 500, a broader market gauge than the Dow Jones industrial average (^DJI - news), closed on Thursday down 19.06 points, or 1.4 percent, at 1,340.93. Cohen, who rejected the tag of guru but remains one of Wall Street's most widely watched strategists, reiterated her 12-month target of 1,650 for the S&P 500. ``We are much more comfortable with the stock market today compared to last winter,'' Cohen added. The U.S. share market has come off its highs during the past year, with the biggest impact felt in once-mighty tech stocks. The S&P 500 has fallen modestly from around 1,400 a year ago, but is well below its record high of 1,553.11 touched in March 2000.