Goldman Sachs just told Wall Street it’s not bearish enough. The bank raised its year-end S&P 500 target to 8,000, up from a previous estimate of 7,600, projecting a total return of roughly 17% from current levels.
The upgraded forecast, issued on May 26, represents a meaningful shift from the more cautious tone Goldman struck just weeks earlier. Back in April, the firm’s outlook called for a 6% upside. Now it’s nearly triple that.
What’s driving the upgrade
The short answer: corporate earnings. Goldman’s revised target is anchored to an expectation of 12% earnings-per-share growth across the S&P 500 for 2026.
Ben Snider, Goldman’s chief US equity strategist, led the outlook revision. The move reflects growing institutional confidence in the resilience of the US economy, particularly at a time when many market participants have been hedging for a slowdown.
