Goldman Sachs analysts say the market has already baked in a soft landing, so don't expect stocks to go much higher this year.
"The combination of friendly inflation data and signs of increasing labor market slack led our economists this week toof a US recession during the next 12 months to 15% from 20%," writes Goldman Sachs analyst David Kostin and his team in a recent note to investors.
The analysts have a year-end price target for the S&P of 4500, which is less than 1% higher than current levels. However, the analysts predict "resilient" earnings per share growth will lift the benchmark index by 6% to their 12 month target of 4700.
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