Canaccord Genuity Morning Coffee on S&P 500: Mirror, Mirror on the Wall. Who is the Most Bullish of Them All?
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Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 10 | New: 13
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Canaccord Genuity Morning Coffee on S&P 500 (NYSE: SPY): Mirror, mirror on the wall. Who is the most bullish of them all?
Canaccord Genuity U.S. Strategist Tony Dwyer remains uber bullish. Dwyer's S&P 500 target remains 1,575, based on 15x $105 in operating EPS and his 2013 SPX target is 1,650. How bullish is he compared to the rest of the Street? Last week, the Bespoke Investment Group published a piece on where the various Wall Street strategists (a sample of 12) believe the S&P 500 will be at come year-end. The average year-end price target right now is 1,385.58 - that's ~2% below where the S&P 500 is currently trading. Bespoke notes that HSBC currently has the highest year-end target at 1,490. Deutsche Bank is the second most bullish with a 1,475 target, while Bank of America (NYSE: BAC) and Oppenheimer are both at 1,450. In the bear camp, Morgan Stanley (NYSE: MS) at 1,167 and Goldman Sachs (NYSE: GS) at 1,250, are by far the most negative on the S&P 500 through year end. Dwyer notes that until this past year, periods of sub-3% core inflation suggested the equity market should trade at a minimum 15 multiple. The European Debt Crisis and recession, slowing growth in emerging economies, and fears of "fiscal cliff" have priced in a recession that he continues to believe remains highly unlikely. Dwyer would therefore focus additional equity commitments into his favored sectors as further evidence of sustainable improvement in: i) Consumer Sentiment; ii) Employment; iii) Credit availability; and iv) Housing emerges. Dwyer continues to favour Consumer Discretionary, Information Technology, Financials and to a lesser degree Industrials.
Canaccord Genuity U.S. Strategist Tony Dwyer remains uber bullish. Dwyer's S&P 500 target remains 1,575, based on 15x $105 in operating EPS and his 2013 SPX target is 1,650. How bullish is he compared to the rest of the Street? Last week, the Bespoke Investment Group published a piece on where the various Wall Street strategists (a sample of 12) believe the S&P 500 will be at come year-end. The average year-end price target right now is 1,385.58 - that's ~2% below where the S&P 500 is currently trading. Bespoke notes that HSBC currently has the highest year-end target at 1,490. Deutsche Bank is the second most bullish with a 1,475 target, while Bank of America (NYSE: BAC) and Oppenheimer are both at 1,450. In the bear camp, Morgan Stanley (NYSE: MS) at 1,167 and Goldman Sachs (NYSE: GS) at 1,250, are by far the most negative on the S&P 500 through year end. Dwyer notes that until this past year, periods of sub-3% core inflation suggested the equity market should trade at a minimum 15 multiple. The European Debt Crisis and recession, slowing growth in emerging economies, and fears of "fiscal cliff" have priced in a recession that he continues to believe remains highly unlikely. Dwyer would therefore focus additional equity commitments into his favored sectors as further evidence of sustainable improvement in: i) Consumer Sentiment; ii) Employment; iii) Credit availability; and iv) Housing emerges. Dwyer continues to favour Consumer Discretionary, Information Technology, Financials and to a lesser degree Industrials.
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