While challenges are mounting for consumers, Goldman Sachs still has some names that it sees as smart picks. Analyst Kate McShane said continued wage growth should support increases in disposable income. A key question is how much that translates into discretionary spending versus higher savings, especially among lower-earning Americans.
Wall Street sees more upside ahead, with the average analyst polled by LSEG having a buy rating and price target suggesting shares can climb 8.1% over the next year. JPMorgan's Christopher Horvers joined the bull camp Monday, raising his rating to overweight from neutral. "We believe the stock adds a strong balance of defense and offense on both the top and bottom lines in a soft consumer backdrop with a highly uncertain 2H24 ahead," Horvers told clients.