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Stock prices fair: Cohen
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April 28, 1999: 1:23 p.m. ET
Goldman Sachs strategist cites expected earnings, low inflation
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NEW YORK (CNNfn) - Goldman Sachs & Co.'s Abby Joseph Cohen, one of Wall Street's leading bulls, said Wednesday the stock market was fairly valued given earnings forecasts and low inflation.
"When we put all of these facts together, we conclude that the market today is roughly at fair value," Cohen said at a conference in Washington sponsored by the Economic Strategy Institute, a think tank. She said she used "conservative" assumptions to come up with her assessment.
Asked if she would revise her forecast for stocks given the market's latest run-up, she said Goldman avoided changing targets too frequently and did so only in case of major news.
But she noted that recent developments were encouraging. "Over the last month or so, if anything, the economic data have become that much more encouraging and the corporate profit data have been absolutely stunning," she said.
Her remarks had little effect on the market Wednesday.
Cohen last month raised her year-end 1999 target for the Dow Jones industrial average to 10,300 from 9,850 and lifted her price target for the S&P 500 to 1,325 from 1,275-1,300. 
-- from staff and wire reports
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