Goldman Sachs sees a “very bullish” stock market in the wake of a coronavirus vaccine, according to Yahoo! finance. David Kostin, Goldman’s chief strategist, raised the year-end S&P 500 price target by 4% to 3,700 on Wednesday following Monday news of Pfizer’s vaccine candidate against COVID-19 having a 90% efficacy.
- Goldman expects more stock upside as other players such as Moderna expect to release their vaccine trial data soon.
- Monday news has taken S&P 500 to 3,570, and Goldman expects the index to rise 16% to 4,300 by the end of 2021 and 4,600 by the conclusion of 2022.
- S&P 500 earnings will hit $175 in 2021, up from an estimated $170, and rise further to $195 in 2022, above the estimated $188-Kostin.
- Goldman Sachs recommends “buy” for deep value stocks.
- JPMorgan projects S&P 500 to finish the year above 3,600 and close at 4,500 by the end of 2021.
- The equity market is facing the best backdrops for sustained gains after a period of elevated risks, and the outlook is significantly clearing up in the wake of COVID-19 vaccine-JPMorgan.
U.S. stocks are gaining. SPY is up on premarket 0.68%
