5/19/16 CLSA Initiates Coverage on Sell
4/22/16 Citigroup Maintains Buy 95.0
4/22/16 Morgan Stanley Maintains Equal-weight 78.0
4/22/16 Stephens & Co. Maintains Overweight 100.0
4/18/16 UBS Downgrades Neutral 88.0
4/11/16 Barclays Maintains Equal-weight 81.0
3/15/16 Scotiabank Initiates Coverage on Sector Outperform
3/08/16 UBS Maintains Buy 91.0
3/07/16 Stifel Nicolaus Downgrades Hold
2/23/16 Morgan Stanley Downgrades Equal-weight 74.0
Net Shares Purchased(Sold) (22,034,200)
% Change in Institutional Shares Held (12.01%)
Do not buy any US stock:
The investment professionals at Goldman Sachs are alerting clients that "equities do not look attractive."
“We downgrade equities to Neutral over 12 months on growth and valuation concerns,” said the team led by Christian Mueller-Glissman.
Neither of these concerns are new. Not only has earnings growth been negative, but long-term expectations for earnings growth have been lackluster. And valuations have been elevated. According to FactSet, the forward 12-month price-earnings (P/E) ratio is 16.6, which is well above the 5-year average of 14.5 and the 10-year average of 14.3.
All of this is in the context of what they expect to be a rising dollar environment.
For Goldman, the timing of the call was in response to the recent swing in the market. They specifically cited "the rebound from the trough on February 11" and "the S&P 500 (^GSPC) at the upper end of its recent range."
Indian CHEAP labor will be used later.