Wall Street sees a bright side in 'healthy' tech selloff

By Lewis Krauskopf
NEW YORK (Reuters) - Some of Wall Street’s biggest players are viewing the stock market's recent tech-led selloff as a bout of turbulence rather than the start of a longer slide -- and they don't see it as a reason to run for the door.
Invesco this week called the Nasdaq's sharp decline a “healthy period of consolidation” while fund manager Lord Abbett said U.S. stock valuations are likely merited, based on an analysis of companies’ earnings.
On Sept. 4, Goldman Sachs reiterated its year-end price target of 3,600 on the S&P 500, roughly 6% above the index's close on Wednesday, while UBS Global Wealth Management recommended clients “ease into the markets” rather than stay on the sidelines.
Their optimism highlights how the Federal Reserve's pledge to keep ...


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