Goldman Sachs Raises S&P 500 Targets Amid Strong Earnings Outlook
07.10.2024 17:23 1min. read Alexander Stefanov
Goldman Sachs has updated its year-end and 12-month forecasts for the S&P 500 index, driven by anticipated margin growth for businesses and a positive macroeconomic outlook extending into 2025.
On Friday, the investment bank increased its 12-month target for the index from 6,000 to 6,300 and raised its current year-end projection from 5,600 to 6,000.
This new target suggests a potential gain of 4.32% based on the index’s closing value of 5,751.07 on Friday.
The firm is optimistic about corporate earnings, adjusting its earnings per share (EPS) estimate for 2025 to $268 from $256, indicating an 11% annual growth. Goldman Sachs has kept its 2024 EPS estimate at $241.
Recent data indicated that the U.S. economy outperformed expectations in the second quarter, bolstered by robust consumer spending and a rebound in corporate profits, which should support ongoing growth. Goldman Sachs analyst David Kostin noted that the macroeconomic environment is favorable for modest margin expansion.
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