#BREAKING: Goldman Sachs Says S&P 500 Will Hit 3400 by 2020 Even If Earnings Are Lower • In a note to clients on Monday, Goldman Sachs’ David J. Kostin raised his year-end forecast for the S&P 500, even while lowering his company earnings estimates for 2019 and 2020 • Citing a year-to-date slowdown in economic growth, lower oil prices, and weaker margins—especially in the tech sector—Kostin lowered his 2019 top-down earnings estimate—which focuses on the macroeconomic environment—to $167 from $173 and for 2020 to $177 from $181 • Still, that suggests earnings-per-share growth of roughly 6% in 2020, then tapering to 5% in 2021 • Lower earnings don’t mean the S&P 500 can’t keep breaking records, according to Kostin • He raised his year-end 2019 target for the index to 3100 from 3000, and set a 3400 target for year-end 2020 • That implies a 24% full-year gain this year and a 10% gain for 2020 • Email Now To Access Our Algo Generated Trade Alerts: inquiries@ppchk.net
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