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MARKET UNDERVALUED DESPITE SELLOFF, INVESTMENT ANALYST SAYS

 MARKET UNDERVALUED DESPITE SELLOFF, INVESTMENT ANALYST SAYS
 CHICAGO, Oct. 5 /PRNewswire/ -- Today's selloff in equities belies the market's current value, says a leading observer of equity and fixed income investments.
 "The reason for the selloff cannot be identified with any new information but reflects earlier weak foreign stock markets and continued evidence of our domestic economic doldrums," reported Raymond J. Urban, executive vice president of Duff & Phelps Investment Management Co., in comments earlier today.
 "The current level approximates the greatest degree of undervaluation since the prelude to Desert Storm," Urban said. The market observer said equity prices at 11:30 a.m. CDT undervalued the S&P 500 by about 12.5 percent, a significantly lower value than the 6.7 percent undervaluation he estimated at the end of September.
 "Investors dislike uncertainty, and the current outlook is liberally spiced with potential economic and political pitfalls," Urban said. "However, with long-term rates still biased in a downward direction, we reiterate our positive stand on equity markets."
 Urban said that in the current environment, Duff & Phelps Investment Research Co. is recommending stocks of companies with long-term value including Merck, American Home Products and Philip Morris.
 Duff & Phelps Investment Research Co. provides equity and fixed income analyses and investment recommendations on more than 1,500 companies in 50 industries to major institutional clients, including most of the Fortune 500 companies.
 -0- 10/5/92
 /CONTACT: Raymond J. Urban, executive vice president, Duff & Phelps Investment Research Co., 312-630-4562, or Jacqueline Bitowt, director of public relations, Duff & Phelps Corporation, 312-630-4624/ CO: Duff & Phelps Investment Management Co. ST: Illinois IN: SU: ECO


LD -- NY110 -- 6808 10/05/92 17:51 EDT
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Publication:PR Newswire
Date:Oct 5, 1992
Words:276
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