"We are establishing a 2012 year-end price target of 1167, representing 7% downside from today’s price. The consensus top-down view has coalesced, with limited variation, around 1350, making our forecast 13% more conservative than the “muddle through” scenario implied by consensus. We think the risk-reward is skewed to the negative. Our bear case for the S&P500 is 944, and our bull case 1450. Accounting for the probabilities we see as likely, our expectation for the S&P500 by year-end 2012 is 1167."
Morgan Stanley, US Equity Strategy "The 2012 Playbook"
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Det var MS i mars 2009 också - då skulle vi ner 20% till.... Det behöver inte betyda att det blir fel en gång till men ett negativt budskap känns så i linje med hur de stora drakarna har lagt sig och det brukar sällan gå på det viset.....
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