Q: hi, any news accounting for the severe stock price decline today? further, what is your best guess as to where we are in the "recession" cycle now??
5i Research Answer:
There was no news. BMO cut its target price to $7 from $8 on June 8. Markets continue to await the recession that hasn't happened. With strong employment, we are not convinced a downturn will be deep or long. If a recession was a ball game, we think we are in the fourth inning, with a rain delay.