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Goldman sees S&P 500 rising to 4700 by year-end 2024

Published 11/15/2023, 12:49 PM
Updated 11/15/2023, 12:51 PM
© Reuters. David Kostin, Chief US Equity Strategist for Goldman Sachs, speaks during an interview with CNBC on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 10, 2022.  REUTERS/Brendan McDermid/file photo
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(Reuters) - Goldman Sachs investment strategists said on Wednesday that they now expect the S&P 500 to end 2024 at 4700, implying a roughly 6% gain including dividends.

The estimate, from a research note led by chief equity strategist David Kostin, is based on modest economic expansion, an increase in earnings of 5% and a valuation multiple of 18.

The target assumes a roughly flat market during the first half of the year with returns concentrated in the second half, after the Federal Reserve starts cutting interest rates and the U.S. election overhang ends.

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