Laszlo Birinyi: S&P to surge to 2,854 by September 2013
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The Standard & Poor's 500 will come close to 3,000 in the next two and a half year, according to analyst Laszlo Birinyi said, if the markets continue on their current course.
The Birinyi and Associates president call for 2,854 for the S&P by September 4, 2013, which would mark a 125 percent increase from the closing price of the index on Tuesday.
“While this ‘forecast’ is fraught with potential pitfalls, unseen events and caveats, we find it just as palatable as suggesting the market should trade to 2,067 or some Fibonacci number or other forecasts which are available,” Birinyi wrote in a research note for clients.
Gluskin Sheff economist and strategist David Rosenberg blasted Birinyi, saying that like every market pundit, he is "extrapolating the recent trend into the future because that is the easy thing to do.”
The Birinyi and Associates president call for 2,854 for the S&P by September 4, 2013, which would mark a 125 percent increase from the closing price of the index on Tuesday.
“While this ‘forecast’ is fraught with potential pitfalls, unseen events and caveats, we find it just as palatable as suggesting the market should trade to 2,067 or some Fibonacci number or other forecasts which are available,” Birinyi wrote in a research note for clients.
Gluskin Sheff economist and strategist David Rosenberg blasted Birinyi, saying that like every market pundit, he is "extrapolating the recent trend into the future because that is the easy thing to do.”
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