Goldman Sachs Raises S&P 500 Target to 5200 Due to Profit Expansion

Goldman Sachs has raised its S&P 500 target to 5,200 for 2024, citing increased profit estimates as the driver of the revision. The firm's strategists upgraded their earnings-per-share forecast for the year and 2025, reflecting expectations for stronger economic growth and higher profits in the technology and communication-services sectors. The S&P 500 has climbed 4.9% this year, fueled by expectations of a dovish policy shift by the Federal Reserve and optimism in technology stocks. Other Wall Street peers are also considering raising their year-end targets, with the median S&P 500 target currently at 4,950 through mid-January.