Goldman Sachs mener, at aktiemarkedet nærmer sig toppen af den voldsomme kursudvikling under coronakrisen. Alligevel mener banken, at der er basis for endnu nogle stigninger. Banken har opjusteret sin vurdering for S&P 500-indekset til 4900 ved årets udgang. I dag ligger niveauet på godt 4400, altså en stigning på ca. 13 pct.
Slower, But Not Slow
US growth has likely reached peak acceleration as the economy reopens and activity normalizes. Even so, we believe the equity rally still has room to run. Historically, when economic activity (measured by ISM) is expansionary albeit decelerating, as it is today, the S&P 500 has still posted material gains. As such, we have upgraded our S&P 500 price forecast to 4700 for year-end.
Source: Goldman Sachs Asset Management. As of August 5, 2021.
