Posted 12/18/2023, 3:19:00 PM
Goldman Sachs Lifts 2024 S&P 500 Target 9% to 5,100 on Faster Inflation Cool Down, Rate Cuts
- Goldman Sachs increased its 2024 S&P 500 target by 9% to 5,100, up from 4,700, due to the Fed turning dovish as inflation falls
- The projection change comes just 1 month after Goldman's initial 2024 forecast
- Goldman now expects the Fed to cut rates 5 times in 2024 as inflation cools to 2% target faster than expected
- Falling rates and resilient growth should benefit stocks with weaker balance sheets that are sensitive to the economy
- Goldman estimates 2024 S&P 500 EPS of $237, above consensus of $230, with GDP growth remaining strong