Der SP-500 hat sich bereits der 2300-Marke angenähert, die viele Analysten als Jahresendziel für 2017 ausgegeben hatten. Sie müssten ihren Kunden nun eigentlich einen Verkauf empfehlen. Statt dessen erhöht BoA das Kursziel für das Jahresende auf 2450. Begründung: In der Spätphase von Bullenmärkte zählen Fundamentalkriterien nicht mehr so richtig, sondern vor allem Stimmung und Markttechnik.
Fair bewertet sei der SP-500 allerdings bei 2230, meint die BoA-Analystin.
Pah!, sagt Analyst A.L. Fair bewertet ist der SP-500 erst wieder bei 1350.
www.zerohedge.com/news/2017-03-01/...raises-sp-price-target-2300-2450
With the S&P 500 rapidly running away from the 2,300 bogey, which has been the year-end price target for most sellside strategists, analysts on Wall Street had two choices: either urge their clients to sell, or raise their target. Overnight, Bank of America's Savita Subramanyan became the first in recent weeks to throw in the cautionary towel, and raised the bank's year-end S&P price target from 2,300 to 2,450 to "reflect an increasing likelihood that we are entering the typical later stages of a bull market, during which fundamentals typically take a back seat to sentiment and technicals."
Nonetheless, she does attempt to and adds that "typically, in the later stages of a bull market, corporate earnings are cyclically elevated and the multiple that the market assigns to those earnings is often elevated as well. As a result, market prices can become significantly overvalued relative to their intrinsic fair value, and this divergence can last for years. Thus, we would highlight the distinction between our year-end target of 2450 (driven largely by sentiment and technicals) and our estimated intrinsic fair value of 2230."
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