The analysts on Wall Street set target prices for the companies that they cover. A bottom up approach that sums those target prices indicates that the index level could reach $3,062, which is a 10% premium above today’s level!
The exasperation in international stock markets are in lockstep with the US stock market’s pursuit to find a new bottom. As a whole, broader international stock markets are nearing correction levels this year.
To date, the Euro and Yen have appreciated by 12% and 6% against the US dollar, respectively. The currency gains are sizable considering government interest rates in the United States are higher than any other comparable economy.