BlackRock's Doll: Analysts Must Raise 2009 Outlook
Analysts will have to "raise their numbers" for 2009, said Bob Doll. The BlackRock vice chairman offered his optimistic market outlook to CNBC.
"I'm not going to pretend we're in a good economy; we're in a 'less bad' economy. But some [analysts] have gone too far to the negative side," Doll said.
"Two months ago, it looked like a black hole. Now, we have a much more balanced picture."
"As the [earnings] numbers are coming in for the first quarter, they continue to be less bad. We're getting a better picture on the topline. Cost-cutting helped; clearly, there's some reduction in inventory."
"That's a lot of the reason why investors are coming away from the zero-return cash items they had and buying some risk assets."
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Doll conceded that such cost-cutting has inherent limitations: "Eventually, yes, we will have to grow the topline. But that will come with the massive stimulus and the exhaustion of, the reduction of, inventories."
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