Merrill: Double-Digit Earnings Growth 'May Be Too Optimistic'

Economists at New York-based Merrill Lynch & Co. are suggesting that projections of 12% earnings growth among the S&P 500 in 2006 "may be too optimistic."

Major reasons: rising interest rates and slower growth.

"In particular, we see risk to cyclical sectors such as consumer discretionary and industrials as well as financials," says Merrill.

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