Goldman's top trades heading into earnings season

S & P 500 estimates have been revised down 1.8% over the past three months as analysts digest the potential impact of inflation and other macroeconomic data on companies' fundamentals. "Our single stock analysts' price targets imply 14.9% upside over the next year for the weighted average of S & P 500 companies in our coverage, above the 10% average ahead of earnings season over the past 11 years," Goldman analyst John Marshall said in a note Wednesday morning.

BNY Mellon is another financial stock the firm expects will post good earnings growth for Q1, at 15%. Over the next year, earnings could rise 11%. The company will also report next week. Industrial stocks could be big movers too, according to Goldman. It highlighted Deere , with a projected 5% move that is roughly in line with how the stock has fared on average over the past two years.

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