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March 17, 2008
Sign of a Bottom?
Abby Joseph Cohen won't make any more predictions for the S&P 500.
Abby Joseph Cohen, the most bullish investment strategist on Wall Street this year, will stop making Standard & Poor's 500 Index forecasts for Goldman Sachs Group Inc.
She was succeeded in the role by David Kostin, Goldman's U.S. investment strategist, spokesman Ed Canaday said in a telephone interview. Kostin today predicted the S&P 500 may fall 10 percent to 1,160 before rebounding to 1,380 by year's end. Cohen, as chief investment strategist, last predicted the benchmark for American equities would end 2008 at 1,675, representing a 32 percent rally from its current level.
The 56-year-old Cohen now has the title "senior investment strategist" and contributor to the portfolio strategy team, according to Canaday. Her prediction for the S&P 500 this year was the highest among 14 Wall Street forecasters followed by Bloomberg.
"She will continue to meet with our clients around the world and provide commentary on financial markets focusing more on longer-term market activity," Canaday said in an e-mailed statement.
Posted by edelfenbein at March 17, 2008 12:59 PM
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