The much-anticipated report from the firm sees the gains fueled mostly by earnings growth.
Goldman Sachs is out with its much anticipated 2025 equity outlook to clients and it calls for stocks to gain 11% from here as a growing economy and improving profit margins fuel sizable earnings growth. "Our view is predicated on continued US economic expansion, earnings growth of 11% in 2025 and 7% in 2026, and a forward P/E multiple of 21.5x at the end of next year, a 1% compression from the current P/E of 21.
States the report: "Our economists assume the Trump administration will impose targeted tariffs on imported automobiles and select imports from China. They also assume a 15% corporate tax rate on domestic manufacturers. On net, the impact of these policy changes on our EPS forecasts roughly offset one another.
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