U.S. stock valuations are tumbling in the wake of the coronavirus-fueled market ...
NEW YORK - U.S. stock valuations are tumbling in the wake of the coronavirus-fueled market rout, but determining when equities are cheap enough to buy is a tricky proposition.
The decline in forward P/E marks a drop from the highest level since about mid-2002 to a level below the index’s historic average. “It’s a little bit difficult to look at the P/E even for this year. The estimates are going to come down; they are still too high,” said James Ragan, director of wealth management research at D.A. Davidson. “It’s just so hard to even figure out what the impact is going to be.”
BofA Global Research on Thursday cut its S&P 500 forecast so that it now projects earnings to fall 15% this year.
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