We don't think so, and continue to assume long-term earnings growth of 7 percent-to-8 percent in our valuation model.
More Quotes from Abby Cohen:
Little of a fundamental nature, specific to the U.S. economy or corporate performance, has changed in recent weeks.Abby Cohen
It is too soon to know how the situation in Iraq will unfold in the coming months, and the extent to which the new government can indeed control the country. But, for the present, investors seem relieved that the direction is not toward an increased level of U.S. involvement.
Abby Cohen
The global backdrop in 1999 will continue to offer impediments, but we expect Supertanker America to stay its course of moderate economic and profit growth. A supertanker is not necessarily fast or colorful, but it is steady and reliable and hard to push off course.
Abby Cohen
The basic conclusion is that 1999-2000 will bring further gains in corporate profits, mild-mannered inflation and a generally favorable outcome for equity prices. Increasing confidence that the economic expansion will continue through our newly-extended forecast horizon encourages a modest upward revision in stock price targets.
Abby Cohen
Models work when they are appropriate for the particular circumstance, but some of the best investment judgments over time have come when people recognized that models derived in other periods were broken or not directly relevant.
Abby Cohen
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