As hard as it is to imagine, UBS strategist George Vasic predicts the Canadian market rising 50% to 12,500 by the end of next year.
“Our TSX target of 12,500 reflects an improvement in valuations that can overcome the downdraft from earnings estimates,” Mr. Vasic’s optimism is buoyed by the index’s low price-to-book value ratio. 2009 is still loaded with significant uncertainty and his forecast hinges on how quickly monetary and fiscal intervention already in motion can improve credit market conditions.
David Pett, Financial Post Published: Thursday, December 04, 2008
This article is worth reading.