Goldman Sachs lifted its year-end target for the S&P 500 to 6,800 from 6,600, pointing to a 2% gain from the latest close, citing a more dovish Federal Reserve and resilient corporate earnings.
In a Friday note, the bank also raised its six- and 12-month return forecasts to 5% and 8%, implying S&P 500 levels of 7,000 and 7,200. The Fed last week cut rates for the first time since December and flagged further reductions in October and December as the labor market softens.
Goldman continues to project quarter-point cuts at both meetings, a view shared by most major brokerages.
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