Goldman Lifts S&P 500 Target With Profit Optimism to Drive Rally

Goldman raises S&P 500 target to 5,200 by end of year
Firm sees stronger economic growth and higher profits in 2024

A monitor displays the S&P 500 index crossing 5000 on the floor of the New York Stock Exchange in New York on Feb. 9. — A monitor displays the S&P 500 index crossing 5000 on the floor of the New York Stock Exchange in New York on Feb. 9.
Photographer: Michael Nagle/Bloomberg

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By Jess Menton and Farah Elbahrawy

February 18, 2024 at 9:10 PM UTC

Updated on

February 19, 2024 at 11:35 AM UTC

This article is for subscribers only.

Just months after setting a 2024 target for the S&P 500 Index, Goldman Sachs Group Inc. strategists have boosted their forecast for a second time, reflecting Wall Street’s optimistic outlook for earnings.

“Increased profit estimates are the driver of the revision,” a team led by David Kostin wrote in a note to clients dated Friday. The 12-month forward earnings expectations are at a record high for the US stock index after forecasts bottomed out a year ago.