Goldman Sachs raises S&P 500 target

Goldman Sachs has revised upward its year-end target for the S&P 500 Just a few months after setting its 2024 target for the S&P 500, strategists at Goldman Sachs have raised their forecasts for the second time as the stock market eclipsed the key 5,000 milestone this month. “Increasing earnings estimates are driving the revision,” a team led by David Kostin wrote in a note to clients on Friday. Kostin now sees the S&P 500 rising to 5,200 by the end of this year, raising his forecast by about 2% from the 5,100 level he forecast in mid-December. The new target implies a 3.9% jump from Friday’s close. In November, he had initially projected the S&P 500 would reach 4,700 by the end of this year. Goldman's $5,200 price target for the S&P 500 in 2024 currently ranks among the highest on Wall Street.