Goldman Sachs boosts S&P 500 target on upbeat profit outlook
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Goldman Sachs Group Inc. strategists have boosted their year-end target for the S&P 500 Index for a third time, reflecting Wall Street’s optimistic outlook for earnings growth and the US economy. The bank’s equity strategists led by David Kostin now see the US stock benchmark index finishing the year at 5,600, up from a 5,200 level they predicted in February. The new target implies a roughly 3% advance in the gauge from its Friday close. Goldman’s upgraded target ties with that from UBS Group AG’s Jonathan Golub and BMO Capital Markets’ Brian Belski for the highest on Wall Street. The upgrade in the target is “driven by milder-than-average negative earnings revisions and a higher fair value P/E multiple,” Kostin, the firm’s chief US equity strategist, wrote in a note to clients on Friday. Bloomberg The upgrade comes one month after Kostin reiterated the firm’s 5,200 target, stating there was no further room for upside in the 500-memb...