The rally, previously concentrated among Big Tech names, is broadening, the firm said.
Goldman Sachs is boosting its year-end target on the S & P 500 to 4,500, citing a broadening rally that goes beyond the largest tech names. The new target represents about 5% upside from current levels on the broad-market index and is an increase from Goldman's previous target of 4,000. The firm is holding steady on its 2023 earnings-per-share forecast for the index, keeping it at $224, chief U.S. equity strategist David Kostin wrote in a note late Friday.
"But prior episodes of sharply narrowing breadth have been followed by a 'catch-up' from a broader valuation re-rating." The S & P 500 is up nearly 12% this year. Though the index notched a modest 0.1% gain Friday, it briefly breached the 4,300 threshold during the session — a level it hasn't touched since August.
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