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Goldman Lift End ’24 S&P 500 Call

EQUITIES

Late on Friday Goldman Sachs raised their year-end 2024 S&P 500 index target to 5,100.

  • They noted that “decelerating inflation and Fed easing will keep real yields low and support a P/E multiple greater than 19x. Our prior year-end 2024 forecast assumed yields of 2.3% and a P/E of 18x.”
  • “Upside risk exists to our above-consensus EPS estimate of 5% growth.”
  • “The improved macro outlook implies a more conducive environment for bringing IPOs to market.”
  • “Resilient growth and falling rates should benefit stocks with weaker balance sheets, particularly those that are sensitive to economic growth.”
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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