Goldman Sachs Raises Target For S&P 500 Index To 5,200

U.S. investment bank Goldman Sachs (GS) has raised its year-end target for the benchmark S&P 500 index to 5,200, implying 4% upside from current levels.

The S&P 500 is currently at 5,005, a record high achieved after crossing the 5,000 level for the very first time on Feb. 9 of this year.

Goldman Sachs says further gains in the S&P 500 are possible, but that technology stocks must continue to rally on strong financial results in coming quarters.

The new target makes Goldman Sachs one of the most bullish forecasters on Wall Street. Yardeni Research currently has the most bullish outlook for stocks this year with a year-end target of 5,400 on the S&P 500 index.

This is the second time that Goldman Sachs has raised its S&P 500 target for the year. Last December, the bank lifted its 2024 target to 5,100 from 4,700.

The new outlook from Goldman Sachs is also based on a stronger outlook for the U.S. economy, with the bank now expecting U.S. growth of 2.4% in this year’s fourth quarter due largely to robust consumer spending.

The stock of Goldman Sachs has risen 7% in the last 12 months to trade at $384.44 U.S. per share.

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