Goldman’s 2023 Recession EPS Case Is BofA’s Base Case

Goldman’s 2023 Recession EPS Case Is BofA’s Base Case

"The larger risk to 2023 EPS is a recession," Goldman's David Kostin said, in the course of cutting the bank's forecast for US corporate profit growth. With Q2 earnings season now mostly complete, Goldman maintained its EPS forecast and S&P 500 target for this year, but turned more cautious on 2023, when aggregate S&P EPS will be $234, according to Kostin. Previously, he saw $239. That's not a singularly dramatic cut, and it won't grab any bombastic headlines in the mainstream financia
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2 thoughts on “Goldman’s 2023 Recession EPS Case Is BofA’s Base Case

  1. In case S&P 500 results have been one large distorted if not manipulated mirage since the beginning of the pandemic, its important to note that S&P 500 earnings hit an all time record high of just under $140 in December 2019 (and were also starting to roll lower just prior to the pandemic).

    The 2008 recession sent S&P 500 earnings back to levels previously seen 15+ years prior to the 2008 recession. The 2001 recession (much milder) sent S&P 500 earnings back to levels previously seen 7+ years prior to the 2001 recession.

    7+ years ago (2015/2016), S&P 500 earnings were under $100

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