Goldman’s Abby Cohen Replaced as the Bank’s Chief Forecaster

Goldman Sachs (GS) Chief Investment Strategist Abby Joseph Cohen, who in December 2007 predicted the S&P 500 index would reach 1,675 in 2008 (the S&P 500 traded as low as 741.02 by November 2008) will stop making Standard & Poor’s 500 Index forecasts for Goldman Sachs Group Inc.

From Bloomberg: She was succeeded in the role by David Kostin, Goldman’s U.S. investment strategist… Kostin today predicted the S&P 500 may fall 10 percent to 1,160 before rebounding to 1,380 by year’s end. Cohen, as chief investment strategist, last predicted the benchmark for American equities would end 2008 at 1,675, representing a 32 percent rally from its current level.

The 56-year-old Cohen has developed in the Street a reputation as a so-called “perpetual bull” and has been ridiculed for her continuous bullish predictions after March 2000 as market index fell.

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