Goldman Sachs raises S&P 500 year-end target to 5,600 [Globe and Mail, The (Toronto, Canada)]
Meta Platforms, Inc. - Class A (META)
Company Research
Source: Globe and Mail, The
earnings growth by five mega-cap U.S. tech stocks and a higher fair value price-to-earnings ratio multiple. Microsoft, Nvidia, Google, Amazon and Meta Platforms have collectively surged by 45% and now comprise 25% of the S&P 500 equity cap, the brokerage said in a note after markets closed on Friday. “The drivers of the rally include upward revisions to consensus 2024 earnings estimates for these same tech companies, and valuation expansion stemming from increased investor enthusiasm about artificial intelligence (AI).” The upgraded target reflects an upside of about 3.1% to the index's last close of 5,431.60. S&P 500 Index Year to date Dec. 29, 2023 The brokerage expects roughly unchanged real yields by the year-end and strong earnings growth to support a 15x P/E for the equal-weight S&P 500 Index. “The (U.S.) election remains a key risk to the S&P 500 level and falls between our 3-month and year-end forecast horizons,” said analysts at Goldman Sachs. The United Sta
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META
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- 6/25/24 - Form 144
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