ICYMI, this via a Goldman Sachs note on Friday, equity strategists at the firm bumped up their year-end S&P 500 index target to 5200 from 5100.

GS raised profit estimates (and thus the target) by 8% to USD241 (2024 EPS)

  • "The nearly-completed 4Q earnings season highlighted the ability of corporates to sustain profit margins despite slowing inflation"
  • Sees stronger economic growth, higher profits in the Information Technology and Communication Services sectors
  • "The fundamental strength of the mega-cap stocks should also boost aggregate S&P 500 profits in 2024"
  • "The clearest upside risks to our EPS forecasts are stronger GDP growth than we currently anticipate or continued upside earnings surprises from the mega-caps"

Goldman Sachs nominate "disappointing growth in the macroeconomy or from the largest stocks" as key risks to their forecasts.

Goldman Sachs 5200 s&p 500 forecast 19 February 2024 2