Goldman Boosts S&P 500 Earnings Outlook, Says Focus on Guidance

Forecast for S&P 500 earnings in 2020 raised to $115 from $110
Management commentary taking on extra importance amid pandemic

Sharmin Mossavar-Rahmani, Goldman Sachs Wealth Management CIO, makes the case for staying invested in equities.Source: Bloomberg

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By Joanna Ossinger

July 13, 2020 at 4:20 AM UTC

This article is for subscribers only.

Goldman Sachs Group Inc. has become a little more optimistic on earnings prospects for the S&P 500 Index this year but stressed that management commentary from companies is going to be important to gauging the outlook.

Goldman’s baseline forecast for S&P 500 earnings per share in 2020 is $115, up from a prior estimate of $110. The firm maintained its outlook for 2021 at $170 -- 4% above 2019’s realized level -- and made a prediction of $188 for 2022.