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Goldman Officially Raises S&P Target
Goldman's David Kostin has seen enough.
I won't bury the lede: The bank's new official house call on the S&P is 6000 by year-end.
At this point in my "career" as a macro-market documentarian, I no longer see a lot of utility in penning editorials around each and every ostensibly noteworthy update to sell-side SPX house calls, but I'd be derelict in the eyes of some readers not to mention Kostin's updated view.
He now sees the world's benchmark risk asset par excellence summitting the next
Market has to get through Israel-Iran, 3Q earnings, and the election. I think any dips from the former will be bought, and while I expect some of the Megas to underwhelm, overall looking for the hurdle to be vaulted. Election and aftermath . . . need to think that through.
In 2025, the last of the pandemic aid will run out. Government employment, at least, may reverse course. Some election outcomes would be stimulus-unfriendly.
https://www.bloomberg.com/news/articles/2024-10-02/post-pandemic-america-has-more-teachers-than-it-can-afford