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Estimating the Return on S & P's Industrial Price Index

Edward F. Renshaw
Financial Analysts Journal
Vol. 25, No. 1 (Jan. - Feb., 1969), pp. 121-123
Published by: CFA Institute
Stable URL: http://www.jstor.org/stable/4470472
Page Count: 3
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Estimating the Return on S & P's Industrial Price Index
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Abstract

Any forecast of a change in stock prices makes certain assumptions about a company's growth in sales, its profit margin, and the price-earnings multiple. If these assumptions are articulated in a more explicit and logical manner, the analyst will be in a much better position to compare projections with history and determine whether the forecast is reasonable on the basis of other information about the future.

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