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Goldman's Cohen Sees S&P 500 Fair Value at 1400

The fair value of the Standard & Poor's 500, the broadest gauge of major U.S. stocks, is at 1,400, based on a 6 month to 12 month view, Abby Joseph Cohen, Goldman Sachs' senior investment strategist, said on Monday.

"Our strategy team's sense is that in 6-12 months, fair value in the S&P 500 is on the order of 1,400," she told CNBC television. (See video for her comments and other discussion).

The S&P 500 entered a bear market last week, falling more than 20 percent from its Oct. 9, 2007 record close of 1,565.15. On Friday the index ended at 1,239.49.