In a note published Tuesday, Goldman Sachs analysts led by Ben Snider raised their year-end target for the S&P 500 from 7,600 to 8,000. This implies a 6% upside from current levels.
The New York-based bank also lifted its earnings forecasts sharply following what it called an "exceptionally strong" first-quarter reporting season.
"We expect the S&P 500 will rise by 6% to our revised year-end target of 8,000," the report stated. "The increased return forecast reflects increased estimates for S&P 500 earnings following an exceptionally strong Q1 reporting season."
Goldman now expects S&P 500 earnings per share to hit $340 in 2026, up 24% year-over-year, and $385 in 2027, another 13% increase.
The upgrade also moves Goldman off the cautious end of Wall Street.
Its new 8,000 call now sits in the Street’s top-range pack, in line with Deutsche Bank and Morgan Stanley and just below the most bullish forecasts.
10 Most Bullish S&P 500 Year-End Targets By Wall Street Firms
Firm
Year-End 2026 Target
Yardeni Research
8,250
22V Research
8,100
Oppenheimer
8,100
Deutsche Bank
8,000
Goldman Sachs
8,000
Morgan Stanley
8,000
RBC Capital Markets
7,900
Evercore ISI
7,750
Fundstrat
7,700
Citigroup
7,700
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