Goldman Sachs Lowers Equities in Near-Term Broad Market Call
February 11, 2013 by Jon C. Ogg
Goldman Sachs is maintaining strong conviction on the long-term outlook, and again this downgrade is based on the near term. Asset prices have appreciated to the point that they are fully priced, based on the firm’s near-term expectations and price targets.
For a 12-month outlook, the firm maintains an Overweight stance. Goldman Sachs even sees a gradual pick up in the global economy over the course of 2013, which is why the firm sees equities rising later in the year after the dust settles from this recent rally.
The S&P 500 Index is up 6.43% and the Dow Jones Industrial Average is up 6.77% so far in 2013.
24/7 Wall St. still sees some upside to its 14,590 peak value for the DJIA in 2013, but we have not officially raised our target.
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