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Just in case you'd forgotten about her,

Goldman Sachs'

strategist Abby Joseph Cohen said this morning that the

S&P 500

index is undervalued by about 15% and reiterated her year-end S&P target of 1575. That's pretty remarkable, because in order to get there, the S&P would have to rise 18.4% in about two-and-a-half months to get there.


comments in years past seemed prudent and reassuring; she was notable for reassuring the market in the midst of the Asian meltdown in late 1998. The strategist last spoke Oct. 3 to calm investors, but like any other strategist, she isn't bigger than the market, which has declined steadily despite her long-term bullishness.

Opinions vary on



this morning.

Credit Suisse First Boston

started coverage on the company today with a buy rating and a price target of $25, while

ING Barings

lowered its price target to $35 a share from $55, maintaining its buy rating.

SG Cowen

TheStreet Recommends

also dropped its rating on the company, to buy from strong buy. The Internet marketing company reported earnings of 3 cents a share last night for the third quarter, but concerns about a weak Internet advertising market smacked the stock in after-hours and preopen trading. The stock was lately at $13.50, one-tenth of its 52-week high of $135.25.


Pinnacle West

(PNW) - Get Pinnacle West Capital Corporation Report

: UP to buy from hold at CSFB.

Wisconsin Energy

(WEC) - Get WEC Energy Group Inc (WEC) Report

: UP to buy from hold at CSFB.


(BLK) - Get BlackRock, Inc. Report

: UP to outperfrom from neutral at

Lehman Brothers

; price target: $42; 2000 earnings per share estimate to $1.34 from $1.33; 2001 EPS estimate to $1.64 from $1.60.

Diamond Technology


: UP to strong buy at

W.R. Hambrecht

; price target: $90.

Red Hat


: UP to buy at W.R. Hambrecht; price target: $30.


General Motors

(GM) - Get General Motors Company (GM) Report

: DOWN at CSFB: 2000 earnings per share to $9.22 from $9.77; 2001 earnings per share to $9.70 from $10.10. Lehman downgraded the company last night and cut earnings estimates also.




ABN Amro

dropped it from its "top pick" list to its buy list; price target: $25.


(COST) - Get Costco Wholesale Corporation Report

: DOWN to hold from buy at ING Barings.


Web MD


: NEW buy at

UBS Warburg


Group Moves

CSFB initiated coverage on the PC hardware industry: