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Goldman Boosts S&P 500 Target by 20% as Strategists Catch Up

  • David Kostin lifts year-end S&P 500 target to 3,600 from 3,000
  • JPMorgan strategists join Goldman in being bullish on U.S.
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Goldman Sachs Group Inc. is the latest firm to boost its year-end price target for the S&P 500, as a relentless rally off the March lows leaves strategist predictions in the dust.

David Kostin raised his forecast for the benchmark U.S. gauge to 3,600 from 3,000, joining the likes of Yardeni Research founder Ed Yardeni and RBC Capital Markets’ Lori Calvasina who’ve upped their forecasts in recent weeks. The rally has caught many investors by surprise, with the S&P 500 now sitting at 3,372.85 -- 51% off its March lows -- and threatening to eclipse its February closing record. Kostin cited Goldman’s above-consensus U.S. growth expectations keyed off positive news on the vaccine front.