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GOLDMAN SACHS: THIS CORRECTION IS SIMILAR TO PAST RECOVERIES

Goldman Sachs is not giving up hope on their call for S&P 500 1250 by year-end.  They remain very bullish on the second half equity markets and believe the recent downturn in equities is reminiscent of past downturns:

“S&P 500 rose 4.2% this week through Thursday. All sectors advanced led by Energy (+5.5%) while Consumer Discretionary trailed (+2.4%). We maintain our 3-month price target of 1160 (+8%) and expect the S&P 500 will rise to 1250 (+17%) at year-end 2010.
S&P 500 Earnings.  Our top-down EPS forecasts of $78 and $93 for 2010 and 2011 reflect +38% and +18% growth, respectively. Our pre-provision and write-down EPS forecasts are $83 for 2010 and $93 for 2011. Bottom-up consensus forecasts a 44% increase in 2010 to $82, and an 18% increase in 2011 to $96.”

Source: GS

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