Goldman Lifts S&P Price Target, Sees 3,400 In 2020, Slashes EPS Outlook

There's good news and there's bad news in Goldman's revised outlook for US equities. The good news is, the bank is lifting their year-end 2019 target to 3,100 (from 3,000 previously) and introducing a 2020 year-end target of 3,400. According to the bank's David Kostin, then, US equities have another 3% to run this year and 10% upside next. Goldman sees a stable forward P/E of 17.6x in 2019 and a bit of valuation expansion (to 18x) in 2020 as rates stay low and uncertainty is "more than offset"

Join institutional investors, analysts and strategists from the world's largest banks: Subscribe today for as little as $7/month

View subscription options

Or try one month for FREE with a trial plan

Already have an account? log in

2 thoughts on “Goldman Lifts S&P Price Target, Sees 3,400 In 2020, Slashes EPS Outlook”

If the US avoids recession and continues slow growth, and rates are cut 75 bp, then this forecast seems reasonable. “If”.

GS…. eye roll In January 2008, even with Paulson the racketeering grifter having his fat fists in all troughs, “Goldman says” prescience: “… projects the economy will recover as soon as 2009, making this downturn somewhat “recession-light.”