{"id":6518,"date":"2023-10-28T20:44:21","date_gmt":"2023-10-28T20:44:21","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stocks\/bernstein-says-sp-500-is-trading-23-above-its-fair-value\/"},"modified":"2023-10-28T20:44:22","modified_gmt":"2023-10-28T20:44:22","slug":"bernstein-says-sp-500-is-trading-23-above-its-fair-value","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=6518","title":{"rendered":"Bernstein says S&P 500 is trading 23% above its ‘fair value’"},"content":{"rendered":"
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\u00a9 Reuters. Bernstein says S&P 500 is trading 23% above its ‘fair value’<\/span>
\n<\/i>\n<\/div>\n

Bernstein strategists expressed the view that U.S. stocks may not fully account for the possibility of interest rates remaining elevated for an extended period.<\/p>\n

They highlight that the S&P’s valuations, with a price-to-earnings ratio of 19, are roughly 23% above what they consider to be “fair value.” This assessment is based on the historical relationship between nominal bond yields and market multiples over the past two decades.<\/p>\n

Based on Thursday\u2019s closing price, this indicates the should be trading just below 3400.<\/p>\n

Even when excluding the seven largest tech companies, the market multiple remains 8% above the fair value, given a nominal yield of 4.75%, according to their analysis. An 8% premium suggests the S&P 500\u2019s \u2018fair value\u2019 of around 3830.<\/p>\n

The strategists believe that the market has not yet priced in the scenario of interest rates remaining at higher levels for an extended period.<\/p>\n

Earlier this year, the analysts said that they expect the returns from U.S. stocks to come down in the years ahead.<\/p>\n

Instead of the robust 12% annualized total return experienced in the previous 10 years, the analysts now project a more modest 4% return.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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