Key changes from August’s report: Upgrading Midcap Stocks from Neutral to Positive Stocks rose for the seventh straight month in August, as the S&P 500 Index gained 2.9%. Historically, September is the worst month of the year for stocks, on average, and we...
Key changes from July’s report: Downgrading emerging markets from neutral to negative Upgrading United States from neutral to positive We see further (but modest) gains for stocks over the rest of the year, powered by a very strong economic growth outlook and...
Key changes from June’s report: Upgrade Energy from Neutral to Positive. This month we have added our detailed Tactical Asset Allocation weightings compared with benchmarks across five risk objectives.” (see page 3) We see the potential for further gains for stocks...
Key changes from May’s report: Upgrade Value from Neutral to Positive, Downgrade Growth to Negative from Neutral. Upgrade Industrials from Neutral to Positive, Downgrade Technology to Neutral from Positive § Upgrade Developed International from Negative to Neutral,...
Key changes from April’s report: Upgrade view of small caps from neutral to positive and downgrade view of large caps from neutral to negative. Upgrade view of real estate from negative to neutral, and downgrade healthcare view from neutral to negative. First quarter...
Our year-end S&P 500 Index fair value target range remains 4,050–4,100, based on a price-to-earnings (PE) multiple of 21 and our 2022 S&P 500 earnings forecast of $195 per share. Recall that we raised our S&P 500 fair value target last month due to our...
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