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To: Les H who wrote (10792)	7/11/2004 10:17:48 PM
From: Les H	Respond to of 29607

3:47pm 07/09/04 Goldman's Abby Joseph Cohen boosts S&P 500 estimates ($SPX) By Susan Lerner NEW YORK (CBS.MW) -- Goldman Sachs' Abby Joseph Cohen raised her 2004 operating earnings estimate for the S&P 500 ($SPX) to $61.50 per share from $59.50 and her 2005 forecast to $65.50 from $64.00. The new numbers imply a 13 percent growth rate for 2004 and 7 percent for 2005. Still, the strategist said she expects profit growth to declerate in the second half of the year and into 2005 owing to more challenging year-over-year comparisons, increasing costs related to energy labor and financing and a more muted benefit from a falling U.S. dollar. "We believe investors should focus on the length and durability of the profit expansion, not the unsurprising decline in the growth rate from the unsustainably rapid pace in recent quarters," she told clients. She also lifted her dividend per share estimates for the S&P 500 were raised to $19.00 from $18.25 for 2004 and to $20.00 from $19.00 for 2005 for growth rates of about 9 percent and 5 percent.