COMPASS CHANGES Downgraded master limited partnerships (MLP) from neutral to negative/neutral. INVESTMENT TAKEAWAYS Our preliminary S&P 500 Index year-end 2020 fair value target near 3,200 is based on a price-to-earnings (P/E) ratio slightly above 18 and our 2020...
COMPASS CHANGES Downgraded energy commodities from neutral to negative/neutral INVESTMENT TAKEAWAYS We have maintained our S&P 500 Index year-end fair value target of 3,000 even as the index hovers near that level following recent progress on U.S.-China trade...
COMPASS CHANGES Upgraded short-maturity municipal bonds from neutral/negative to neutral INVESTMENT TAKEAWAYS We have maintained our S&P 500 Index year-end fair value target of 3,000, even after the index broached that target September 17.* We favor large caps as...
COMPASS CHANGES Upgraded our view of large growth from neutral to neutral/positive Downgraded our view of mid value from neutral/positive to neutral Downgraded our view of small value from neutral to negative/neutral Upgraded our view of consumer discretionary from...
COMPASS CHANGES No changes INVESTMENT TAKEAWAYS Stock valuations remain favorable in our view even with the S&P 500 Index near our year-end fair value target of 3,000. We would consider raising this forecast if clarity on trade and monetary policy result in an...
COMPASS CHANGES Bank loans view lowered from Neutral to Negative/Neutral Industrial metals view lowered from Neutral to Negative/Neutral INVESTMENT TAKEAWAYS We maintain our year-end 2019 fair value target for the S&P 500 Index of 3,000. Despite a slight reduction...
