Canaccord Genuity Equity Strategist Sees S&P Ending 2012 at 1,575

May 29, 2012 10:15 AM EDT
Canaccord Genuity equity strategist Tony Dwyer said he forecasts the S&P will gain approximately 15% this year, closing at 1,575. Based on Friday's S&P close of 1317.82, his forecast represents an approximately 19.5% gain between now and the end of the year for the index.

Dwyer said, "The continuing European debt crisis and subsequent drop in global equity markets, coupled with fear of the coming “Fiscal Cliff” in the U.S., continues to price in (via multiple compression) a recession that remains unlikely given the historic availability of money. We would therefore focus additional equity commitments into Financials, Information Technology, and Industrials as further evidence of sustainable improvement in (1) consumer sentiment, (2) employment, and (3) housing emerges."

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