Markets not overdone: CIBC - MoneySense

Markets not overdone: CIBC

No need to worry about this year’s equity rally — leading CIBC economists don’t think the TSX is overheating.

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It’s the question on a lot of people’s minds: is this stock market rally for real or will the TSX drop again? Of course, it’s impossible to know what will happen, but two CIBC World Markets economists do have some thoughts on this matter. In a report released today, Avery Shenfeld and Peter Buchanan say that the run-up in equity prices shouldn’t scare investors off. “A careful look at TSX fundamentals suggests that valuations are not overdone,” the two wrote. They don’t think the markets will swing upward in a significantly dramatic way, but it won’t come crashing down again either.

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