Goldman Sachs now sees the benchmark S&P 500 index ending the year at 3,100, above its previous target of 3,000
Goldman Sachs now sees the benchmark S&P 500 index ending the year at 3,100, above its previous target of 3,000, according to a research note published Monday night.
“Our target implies a 3% appreciation through year-end 2019, implying a 24% fully year-gain,” Kostin wrote. “Valuation models have expanded by 22% year-to-date, and the S&P 500 trades at roughly fair value relative to interest rates and profitability.”The Goldman analyst now predicts the S&P 500 forward price-to-earnings multiple will end the year at 17.6 times earnings, a marked increase from the 16 times predicted in their 2019 outlook published in November.
“The dovish Fed pivot has driven the equity market rally in 2019, and we expect low interest rates will continue to support above-average valuations going forward,” Kostin wrote. But he does not expect Federal Reserve policy to be a major driver of stocks in the immediate month ahead, given his belief that the Fed will institute 35 basis points of rate cuts in 2020, versus market expectations for a 65 basis-point.
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