Merrill Lynch held their 2011 Outlook Conference in NYC today. Tiernan Ray at Barron’s Tech Trader Daily blog has the scoop:
Among the themes is that global equities have another 15% upside in 2011. The S&P 500 index will hit 1,400 by year end, they believe, up from 1,245 at present, for about a 12% return. That’s assuming a multiple of 14 to 15 of the firm’s S&P estimate of $93 for 2011 and $99 for 2012.
The best risk/reward stocks are “big international growth stocks” in 2011, Merrill’s David Bianco opines.
The firm is “Overweight” technology, Bianco writes. With emerging markets set to spend $6 billion over the next 3 years on infrastructure projects, Bianco sees tech benefitting from rising business capital expenditures.
15% return for stocks and overweight techs. Not very revolutionary. Then again, we’re talking about the Wal-Mart of brokerage firms – you were expecting an outlier?