(Reuters) - "Our 12-month expected return is now 12 percent, and has moved back to the top end of its recent 8 percent to 12 percent range. Our target is revised to 1590," Bernstein said in a note dated Tuesday. That would pass the record high of 1552.92 set March 24, 2000.
"We do expect multiple expansions in 2007, but one should remember that multiple expansion often comes from falling "E" as well as rising "P" . Thus, the interaction between earnings and interest rates might become quite important," he wrote.
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