Anticipating a larger contraction in US corporate profit margins has led Goldman Sachs’ equity strategist David Kostin to slash his 2023 S&P 500 earnings-per-share growth forecast to 0 per cent from 3 per cent.
“Following a weak third-quarter earnings season in which S&P 500 net margins declined year/year for the first time since the pandemic, we lower our EPS forecasts for 2022 (to $US224 from $US226), 2023 (to $US224 from $US234) and 2024 (to $US237 from $US243),” Kostin said in his weekly kickstart note.
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Timothy Moore writes on equities, commodities and monetary policy. He writes Before the Bell and contributes to the Markets Live blog. Connect with Timothy on Twitter. Email Timothy at timothy.moore@afr.com
