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Goldman, Evercore ISI raise S&P 500 targets



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Wall Street's main indexes gain; Nasdaq out front, up ~0.5%

Tech leads S&P 500 sector gainers; Real Est weakest group

Euro STOXX 600 index edges up ~0.1%

Dollar edges down; gold dips; bitcoin down ~1%; crude up >1%

U.S. 10-Year Treasury yield rises to ~4.28%

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GOLDMAN, EVERCORE ISI RAISE S&P 500 TARGETS

Goldman Sachs raised its 2024 year-end target for the S&P 500 Index .SPX to 5,600 from 5,200, citing strong earnings growth by five mega-cap U.S. tech stocks and a higher fair value price-to-earnings ratio multiple. The target implies a roughly 2.6% increase from Monday's levels.

Adding an even more bullish tone, Evercore ISI senior managing director Julian Emanuel raised his target for the S&P 500 to 6,000 from 4750. Emanuel's target implies nearly 10% increase in the S&P 500 from Monday's level.

Emanuel, leader of equity derivative and quantitative strategy and portfolio strategy, cited the "AI revolution" as well as a backdrop of slowing inflation, a Federal Reserve intent of cutting rates and growth, which put together supports a Goldilocks scenario.

The strategist event went on to say that "7,000 is possible by end-2025."

Like Goldman, Emanuel also pointed to earnings. After no growth in 2023, he says 2024 EPS could go to $238 and in 2025 to $251 implying 8% and 5% EPS growth respectively.

If the S&P 500 hits 6,000 by year-end on $238 EPS this would imply a 25x trailing PE multiple, extended on a historical basis, but short of the 28x Y2K peak.

He notes that "stocks are a long way from “Bubble territory” but rapid gains, abundant liquidity while earnings rise could “inflate”.


(Sinéad Carew)

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FOR MONDAY'S EARLIER LIVE MARKETS POSTS:


EMPIRE STATE: BEEN DOWN SO LONG, IT LOOKS LIKE UP TO ME - CLICK HERE


WALL STREET INDEXES EDGE RED WITH DOW EYING 5TH LOSS IN A ROW - CLICK HERE


NASDAQ COMPOSITE: FLYING ON FUMES? - CLICK HERE


OOH LA LA! LONDON STOCKS SNAP AT PARIS' HEELS - CLICK HERE


US MARKETS TO BENEFIT FROM FRENCH POLITICAL STRESS - CLICK HERE


THAT BUY-THE-DIP TEMPTATION - CLICK HERE


WAITING FOR BARDELLA’S MANIFESTO - CLICK HERE


STOXX AT THE OPEN: BOUNCING BACK - CLICK HERE


EUROPE'S FUTURES INCH UP AFTER FRENCH BATTERING - CLICK HERE


CHINA FAILS TO CHEER, AS FRANCE SCORES OWN - CLICK HERE










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