Morningstar's Outlook for Wall Street

Even if the U.S. economy is not off to the races, Morningstar analysts think the stock market can do well in 2012

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Tämä artikkeli sisältää Morningstarin osakeanalyysitiimin ennusteen vuodelle 2012. Artikkelin on kirjoittanut analyysitiimiä johtava Heather Brilliant, CFA.

Highlights
- Surprisingly little has changed since the third quarter of 2011, with uncertainty around the European Union's future continuing to depress stocks. We have seen only a modest improvement in valuations, as measured by the market-capitalisation-weighted average price/fair-value of stocks under Morningstar coverage, which now stands at 85%, up from 78% at the end of the third quarter.  

- Market volatility has been particularly pronounced throughout 2011, although for the last few months news coming out of the U.S. has been largely irrelevant. With Europe dominating the headlines, U.S.-based companies have been whipsawed without regard to changes in underlying fundamentals. Despite a clear risk aversion among market participants, our price/fair-value data show large-cap stocks are most undervalued at 82% of fair value, compared with small-cap stocks trading at 88% of fair value.

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