wallstreet :: Кратък обзор на последният анализ на UBS

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27.04.2010 01:35 - Кратък обзор на последният анализ на UBS

Автор: wallstreet Категория: Бизнес

Прочетен: 1978 Коментари: 0 Гласове:

"Since the beginning of 2010, the U.S. economy and earnings results have been meaningfully stronger than expected. As a result, the market has rallied sharply, with the S&P 500 up 9% year-to-date, and 15% since its February lows. Moreover, the “junk trade” has re-emerged, with the most economicallysensitive companies and lower quality stocks outpacing the broader market."

"Our upward revision to 1,350 is fueled by an increase in our S&P 500 operating EPS estimates for 2010 and 2011 to $90 and $100, respectively, from $83 and $92."

"With respect to valuation, we expect multiples to hold their ground in the face of rapidly improving earnings through the remainder of the year. As such, our year-end price target is based upon a forward P/E multiple of 13.5x applied to our 2011 EPS estimate of $100. "

"With over one-third of the S&P 500 companies having reported 1Q10 results, the pattern of beats appears to be playing out in a similar fashion to last quarter. Our sense is that analysts’ estimates will continue to lag behind fundamentals and will surprise throughout the remainder of the year"

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