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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club -- Ignore unavailable to you. Want to Upgrade?

To: MrGreenJeans who wrote (1498)	10/8/1998 8:59:00 PM
From: Justa Werkenstiff	Respond to of 15132

MrGreenJeans: Good point. It is hard to believe that AJC was at $55 for 1999 before her revision today: >>NEW YORK (Reuters) - Goldman Sachs & Co.'s closely watched U.S. equity strategist Abby Joseph Cohen lowered her operating earnings-per-share estimates for the S&P 500 companies Thursday, but said a recession in the United States isn't likely. <Picture>According to Goldman, Cohen lowered the 1998 operating-earnings-per-share estimates to $49 from $50.50. <Picture>For 1999, Cohen reduced 1999 operating- earnings-per-share estimates to $52.50 from $55. <Picture>In a research report, Cohen said, "We expect stock prices to reach new high levels during 1999." <Picture>On Oct. 5, Cohen, one of Wall Street's noted bulls, said in a speech to the National Association for Business Economics: "At today's stock prices, we think the S&P 500 is moderately undervalued based on our view for 1999. We believe that corporate bonds are undervalued relative to U.S. treasuries based on our view for 1999." <Picture>In that speech, Cohen said her team thought the stock market was "roughly at fair value" this summer, but she said after stock prices "significantly declined" she believed the undervaluation that had marked stock prices in the early 1990s had been re-established. <Picture>She said the team thought the stock price decline had caused a 12- to 15-percent undervaluation in the Standard and Poor's stock index. "And we still believe that to be the case," she said.