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Goldman's Cohen Still Sees S&P 500 of 1650 in 12 Months

Goldman Sachs chief equity strategist and staunch bull Abby Joseph Cohen this morning reiterated her 12-month target for the S&P 500 of 1650, which would be a 25% gain in the next year. Cohen, however, is no longer mentioning that in October she predicted that the S&P's would be at 1575 value by the end of 2000.

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She said that despite warnings today from prominent technology companies (unnamed in the comment, but presumably



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), Goldman's technology analysts still see reasonably strong demand.

Goldman's model, which continues to suggest a 35% combined weighting in technology and telecommunications, is nearly in line with the actual market weighting of 32%, according to Goldman. In March, the market's weighting in technology/telecom had risen to 45%. She currently recommends overweighting technology stocks but underweighting telecommunications stocks.

She acknowledges the macroeconomy is slowing to a more sustainable, slower rate of demand, although believes that the transition period has been "confusing and worrisome" to investors.