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Goldman Ups Profit Estimates Amid Record Beat Rate: Taking Stock

Goldman Sachs strategists raised their profit estimates for the S&P 500 after a record number of companies beat analyst expectations.

Strategists at the bank led by David Kostin lifted their 2020 EPS estimates to $130 from $115, expecting an overall 21% profit contraction versus last year’s levels. The second-quarter results also re-affirmed the team’s confidence in their 2021 EPS estimate of $170.