Goldman Sachs raised its price target for the S&P 500 in 2023, anticipating the index would move higher thanks to Wall Street's excitement for artificial intelligence and bullish indicators around the current stock market rally.
Strategists reiterated their previous forecast for corporate earnings at $224 a share, assuming that the economy avoids a recession in the second half of 2023. "Prior episodes of sharply narrowing breadth have been followed by a 'catch up' from broader valuation re-rating. The potential profit boost from AI has expanded the right tail for equities," the bank said in a note on Friday, though it acknowledged risks from a potential recession and more hawkish monetary policy from the Fed.
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