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Saturday, December 19, 2009

Barrons: Outlook 2010


Buy Side


Robert DOLL
BlackRock
2010 S&P 500 Target: 1,249
Profits ’10: $77.50* ’10 GDP: 3.25%*
Fed-Funds Rate: 1%
10-Yr Treasury Yield: 4.49%
Overweight: Health Care, Tech, Telecom
Underweight: Financials, Utilities


Christopher HYZY
U.S. Trust
2010 S&P 500 Target: 1,300
Profits ’10: $75 ’10 GDP: 3.5%*
Fed-Funds Rate: 0.75%*
10-Yr Treasury Yield: 3.5%
Overweight: Tech, Industrials,
Materials, Energy
Underweight: Consumer Staples and
Discretionary, Financials, Utilities

Jeffrey KNIGHT
Putnam Investments
2010 S&P 500 Target: 1,200
Profits ’10: $75 ’10 GDP: 2.5%
Fed-Funds Rate: 1%
10-Yr Treasury Yield: 4.25%
Overweight: Tech, Materials
Underweight: Energy, Utilities

Henry MCVEY
Morgan Stanley Investment Mgmt
2010 S&P 500 Target: 1,170*
Profits ’10: $76.50 ’10 GDP: 2.8%
Fed-Funds Rate: 1.5%
10-Yr Treasury Yield: 5.5%
Overweight: Tech, Health Care, Media
Underweight: Utilities, Financials

James PAULSEN
Wells Capital Mgmt
2010 S&P 500 Target: 1,350
Profits ’10: $80 ’10 GDP: 4%
Fed-Funds Rate: 1.5%
10-Yr Treasury Yield: 4.25%
Overweight: Industrials, Tech,
Materials, Consumer Discretionary,
Financials (large-cap)
Underweight: Consumer Staples,
Utilities, Health Care


John PRAVEEN
Prudential International
2010 S&P 500 Target: 1,350
Profits ’10: $80 ’10 GDP: 3.3%
Fed-Funds Rate: 0.5%
10-Yr Treasury Yield: 4.5%
Overweight: Industrials, Materials,
Tech, Financials
Underweight: Health Care, Consumer
Staples, Utilities

Sell Side

Michael HARTNETT
BofA Merrill Lynch
2010 S&P 500 Target: 1,275**
Profits ’10: $73 ’10 GDP: 3.2%
Fed-Funds Rate: 0.125%*
10-Yr Treasury Yield: 4.25%
Overweight: Financials, Energy,
Industrials
Underweight: Consumer Discretionary,
Telecom, Health Care

Barry KNAPP
Barclays Capital
2010 S&P 500 Target: 1,120
Profits ’10: $66 ’10 GDP: 3.5%
Fed-Funds Rate: 1%
10-Yr Treasury Yield: 4.5%
Overweight: Tech, Industrials,
Health Care
Underweight: Consumer Discretionary,
Financials

David KOSTIN
Goldman Sachs
2010 S&P 500 Target: 1,250
Profits ’10: $76 ’10 GDP: 2.3%
Fed-Funds Rate: 0.125%*
10-Yr Treasury Yield: 3.3%
Overweight: Tech, Energy,
Materials
Underweight: Health Care, Utilities,
Consumer Discretionary, Telecom

Thomas LEE
JPMorgan
2010 S&P 500 Target: 1,300
Profits ’10: $80 ’10 GDP: 3.5%
Fed-Funds Rate: 0.125%*
10-Yr Treasury Yield: 4.5%
Overweight: Tech, Financials,
Industrials
Underweight: Consumer Staples,
Utilities


Tobias LEVKOVICH
Citigroup
2010 S&P 500 Target: 1,150
Profits ’10: $72.50 ’10 GDP: 2.7%
Fed-Funds Rate: 1%
10-yr Treasury Yield: 4.45%
Overweight: Consumer Discretionary,
Energy, Industrials
Underweight: Telecom, Health Care

François TRAHAN
ISI Group
2010 S&P 500 Target: 1,150
Profits ’10: $77.50* ’10 GDP: 4%
Fed-Funds Rate: 0.125%*
10-Yr Treasury Yield: 3.5%
Overweight: Energy, Health Care
Underweight: Consumer Discretionary,
Tech

*Mid-point of given range. **12-month forward target. Most GDP, rate views are from firms’ economists, bond strategists. Fed-Funds Rate and 10-year Treasury
Yield are year-end targets.