Goldman’s official 2023 outlook is here: Where it thinks the market is headed and what to buy

Goldman Sachs is predicting zero earnings growth in 2023, with stocks ending the next year essentially flat. The firm is pegging 2023 S & P 500 earnings-per-share flat at $224 and the index ending next year at 4,000, just over 1% from Monday's close. The S & P will also have an unchanged price-to-earnings multiple of 17x, said David Kostin, Goldman's chief U.S. equity strategist. "We expect less pain but also no gain," he wrote in a note Monday.

In this environment, investors should also own stocks that are leveraged to decelerating inflation, Kostin said. He identified 39 stocks from industry groups that typically outperform when inflation is high. They also have a forward earnings yield for the next 12 months and trailing last-12-months free-cash-flow yield above those in their respective sectors and the aggregate index, Kostin said.

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Bear market is not over yet, and will continue in 2023, Goldman Sachs warnsGoldman Sachs strategists on Monday said that the bear market is not over yet, and it could last through 2023 until the Fed stops hiking interest rates. Well yeah what you expect. All these big hedge fund keep shorting the market and making things worse. True
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