Goldman Sachs Sets New Target For Stock

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Goldman Sachs Sets New Target For Stock

Goldman Sachs Sets 5200 As Target For SP 500

According to Goldman Sachs, the S&P 500 index will likely touch the 5200 price level by the end of 2024. Earlier, they had set a bullish forecast of 5100 for the S&P 500 index.

If we measure the bullish target from the current levels, that's an upside of almost 4%. The S& P 500 is near 5005.56, with a change of -0.4% for the day.

4% Upside In S&Amp;Amp;Amp;Amp;P 500, According To Goldman Sachs

Given that Goldman Sachs is only eyeing the S&P 500 to end the year near 5200, the index will only have limited upside from the current levels.

Throughout the year 2024, investors can expect the S&P 500 to go down and up in a zig-zag fashion, based on Goldman Sachs.

Goldman Sachs analysts have also set a new EPS target near $241. Based on the current levels, that's an upside of almost 8% and is also higher than the $235 forecast.

Goldman Sachs also added that the earnings from Q4 have made it clear that companies can sustain their profit margins despite the slowdown in inflation. This bullish target is mainly driven by the strong growth and profit margins of the IT & tech companies.

The strength from the extensive cap stocks will also help limit the profits of the S& P 500 index in 2024.

The bullish price target and EPS forecasts indicate that the mega-cap stocks will continue to post strong earnings during the rest of the year.

Another thing to note here is that earnings growth will be the key driver for the upside in the S&P 500 index. Conversely, the forecasts also highlight that the macroeconomy or should we say large stocks will likely have disappointing growth in 2024.

The trend of the S&P 500 in 2024 will also depend on how the Federal Reserve manages its interest rate policy. Generally, a rate cut will benefit the S&P 500 and other stock indices.

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