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Credit Suisse’s Golub Sees Double-Digit Stock Return to Year-End

  • He says profits will rise another 5% to 6% and drive gains
  • Stocks are ‘much cheaper’ after P/E multiples fell about 30%

The more than 20% decline in the S&P 500 this year has cast a cloud over the market. For Credit Suisse’s Jonathan Golub, it’s a reason to rally.

“We’re going to have a double-digit return between now and the end of the year,” the head of the firm’s US equity strategy and quantitative research told Bloomberg Television on Thursday. “Profits are up 7.5% year to date and they’ll probably be up another 5% to 6% between now and the end of the year. We don’t have a profit problem as much as people say.”