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Goldman Sachs Switches Forecasters

Posted Mar 18, 08 6:39 AM CDT in Business 

(Newser) – Goldman Sachs has replaced its famously bullish chief forecaster, Abby Joseph Cohen,  with a less upbeat analyst, Bloomberg reports. Cohen will remain as senior investment strategist, handing over the daily predictions to David Kostin. Kostin sees a decline for the S&P 500 to 1160 in the short run, and a rebound to 1,380 by year's end. Cohen, by contrast, predicted in December that the index would reach 1,675 in 2008.

"Sounds like it's a downgrade in a position,'' an analyst told Bloomberg. "People have been disappointed in her outlook over the years, and she's been pegged as overly bullish on the market.'' Cohen has long been one of Wall Street's most prominent forecasters, but her judgment was called into question after she failed to see the dot-com crash coming.

Source Bloomberg

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The markets react to news of a Fed interest rate change. Abby Cohen's successor at Goldman Sachs thinks growth this year stemming from Fed policies may be short-lived.   (Getty Images)
Abby Joseph Cohen, one of Wall Street's most influential strategist for years, will no longer be making short-term predictions for the Standard & Poor 500 Index.   (Getty Images)
The building on Broad Street in New York's Financial District that houses brokerage firm Goldman Sachs is seen in this June 12, 2007 file photo.   (AP Photo/Richard Drew, file)
Stocks prices are reflected as a man watches stocks trading through the window. Goldman Sachs' new forecaster has a much less bullish outlook for the markets than his predecessor.   (Getty Images)
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recession • Goldman Sachs • markets • financial markets • bear market • Standard and Poor • bull market


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