1/6/09
Here are very laughing prediction figures that so called professional strategists of well-known investment banking firms price target for 2009.
Above we list the 2009 S&P 500 strategist price targets in the final Bloomberg survey of 2008 (on 12/29). The average 2009 year-end S&P 500 estimate of the 11 sell-side strategists that participated is 1,056, or 16.9% above the S&P's year-end price of 903.25. UBS strategist David Bianco is the most bullish of the group with a year-end target of 1,300 (a 43.9% gain). Deutsche Bank's Binky Chadha is the second most bullish with a target of 1,140, followed by Goldman, Strategas, and JP Morgan, who are all looking for a gain of 21.8%. Only one strategist, Barclays' Barry Knapp, believes the S&P 500 will fall in 2009, but only by 3.2%.
The consensus estimate for year-end 2008 was 1,632 at the start of last year, which translated into an expected gain of 11.12%. Let's hope the strategists are a little closer to the mark this year.
My comment: I do not know you as my blog reader how to think of these non-sense price targets in term of what we have in current economic situation. Are they out of mind?! I do not know. I guess so probably. However, I am more bearish than Barclays' estimate. Please review what I posted on 1/1/09.
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