NEW YORK (Reuters) - BlackRock Inc
The Standard & Poor's 500 index <.spx> will finish 2012 at 1,450 and rise to 1,525 by mid-2013, according to Chris Leavy, BlackRock's chief investment officer, fundamental equities of the Americas.
The new targets are up from the firm's earlier forecasts and reflect a 7 percent rally in the benchmark index since early August. Earlier, the firm projected the S&P 500 would finish the year at 1,350 and rise to 1,400 by mid-2013.
BlackRock provided the targets to Reuters, which is releasing its broad global equity poll on Wednesday.
The firm had assets under management of about $3.56 trillion on June 30, including $297 billion in equities under management.
Late Tuesday afternoon, the S&P 500 was down 0.5 percent at around 1,450, where BlackRock says it will finish the year, but 4.8 percent below its target for mid-2013. The index reversed earlier gains around midday after BlackRock updated its targets.
The new targets are the first from Leavy, who took over management of the firm's large-cap series funds in June from Bob Doll, the firm's chief equity strategist. Doll, a 30-year industry veteran, is in the process of retiring from the firm. Leavy has already taken over responsibility for the firm's large-cap series funds.
Leavy was not immediately available for comment.
(Reporting by Edward Krudy; Editing by Chizu Nomiyama, Lisa Von Ahn and Richard Chang)
Source: http://news.yahoo.com/blackrock-raises-p-500-target-says-rally-over-173048983--sector.html
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