Goldman Sachs Sees S&P 500 Reaching 8,700 as Treasury Yields Fall

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Goldman Sachs expects the S&P 500 to climb another 13.7% over the next 12 months, reaching 8,700 from roughly 7,651 currently, as Treasury yields retreat. The bank's path is gradual: 8,000 in three months and 8,300 in six months before the 12-month target. Goldman also expects the 10-year Treasury yield to decline from about 5% to 4.8% in three months, 4.7% in six months and 4.5% over the next year, a roughly 50-basis-point drop that could support equity valuations, especially for long-duration growth stocks. Outside the U.S., the bank sees the STOXX Europe 600 rising 9.4%, Japan's Topix gaining 12.4%, and the MSCI Asia-Pacific ex-Japan index climbing more than 27%. Its commodity outlook is divided: gold is projected to rise 18.1% to $5,140 an ounce, while Brent crude is expected to fall to $78 from roughly $104 and copper is forecast to decline modestly.

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Goldman Sachs Group Inc
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Goldman Sachs itself issues a bullish S&P 500 target of 8,700, a positive analyst/valuation call for the bank's franchise.

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