De amerikanske investorer ignorerede virksomhedernes resultater i første kvartal, mener Goldman Sachs. Overraskende gode resultater fik en behersket modtagelse på markedet, mens resultater, som lå under forventningerne, ikke fik så mange “tærsk” som forventet – set i en historisk sammenhæng. Goldman venter dårligere resultater i andet kvartal og venter en samlet nedgang i indtjeningen for hele året på 33 pct. Derfor bliver selektiv udvælgelse for investorerne vigtigere end nogensinde.
Uddrag fra Goldman Sachs:
Earnings Update
Investors have largely looked past Q1 earnings as company outlooks amid COVID-19 take precedent. The reaction to earnings surprises has been muted as beats have not been rewarded as much as usual while misses have been relatively unpunished. We expect a greater earnings hit in Q2, with 2020 full-year EPS falling -33%. In this environment, we believe selectivity will be key.
Source: Goldman Sachs Global Investment Research and GSAM. As of April 7, 2020.
