Goldman Sachs' 2024 Equity Outlook: Winning Stocks And Sectors To Watch
Portfolio Pulse from Piero Cingari
Goldman Sachs predicts a bullish stock market for 2024, with the S&P 500 reaching 4,700, a 5% price gain, and a 6% total return. The firm expects the U.S. economy to expand modestly, avoiding recession, and corporate earnings to rise by 5%. The 'Magnificent 7' tech stocks are anticipated to continue outperforming, and Goldman Sachs recommends focusing on quality stocks, growth stocks, and undervalued cyclicals, highlighting specific sectors like Information Technology, Health Care, and Energy for investment.
November 16, 2023 | 8:51 pm
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POSITIVE IMPACT
Apple Inc. is part of the 'Magnificent 7' tech stocks expected to continue outperforming in 2024, according to Goldman Sachs.
As part of the 'Magnificent 7', Apple's stock is likely to benefit from the positive outlook and continued dominance in the market as projected by Goldman Sachs.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Accenture plc is among the quality stocks recommended by Goldman Sachs, suggesting a stable investment choice during potential economic downturns.
Accenture's recommendation as a quality stock reflects confidence in its fundamentals and potential for consistent performance.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Albemarle Corporation is selected by Goldman Sachs as a growth stock with high ROIC, indicating potential for strong future returns.
Albemarle Corporation's selection as a growth stock with high ROIC suggests confidence in its ability to generate strong returns.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
Alaska Air Group, Inc. is seen as an undervalued cyclical with potential upside if economic surprises occur, as per Goldman Sachs.
Alaska Air Group's classification as an undervalued cyclical suggests a positive revaluation potential if the economy outperforms expectations.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Amazon.com, Inc. is projected to maintain its outperformance as one of the 'Magnificent 7' tech stocks in 2024, according to Goldman Sachs.
Amazon's position as one of the 'Magnificent 7' tech stocks suggests a continued strong performance and positive investor sentiment.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Church & Dwight Co., Inc. is identified by Goldman Sachs as a quality stock to prioritize in the face of recession risks.
Church & Dwight's classification as a quality stock indicates a positive sentiment towards its ability to withstand economic fluctuations.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Crocs, Inc. is highlighted as an undervalued cyclical by Goldman Sachs, suggesting it could benefit from positive economic surprises.
Crocs' identification as an undervalued cyclical implies that it may be poised for a rebound if the economy performs better than the current market pricing.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Delta Air Lines, Inc. is considered by Goldman Sachs as an undervalued cyclical with room for growth if economic conditions surprise positively.
Delta Air Lines' status as an undervalued cyclical indicates potential for stock appreciation if the economic environment is better than expected.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Enphase Energy Inc. is highlighted by Goldman Sachs as a growth stock with high ROIC, indicating a positive outlook for its performance.
Enphase Energy's identification as a growth stock with high ROIC suggests strong future performance and investor interest.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
Alphabet Inc. is forecasted to continue its strong performance as one of the 'Magnificent 7' tech stocks and is also recommended as a quality stock by Goldman Sachs.
Alphabet's dual mention as both a 'Magnificent 7' member and a quality stock to prioritize indicates a strong positive sentiment for its future performance.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 95
POSITIVE IMPACT
Alphabet Inc.'s Class A shares are expected to continue their strong performance as part of the 'Magnificent 7' tech stocks and are also recommended as a quality stock by Goldman Sachs.
Alphabet's Class A shares are likely to benefit from the same positive sentiment as its Class C shares, being part of the 'Magnificent 7' and a recommended quality stock.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 95
POSITIVE IMPACT
John Bean Technologies Corp. is seen by Goldman Sachs as an undervalued cyclical with attractive prospects if economic outcomes are favorable.
John Bean Technologies' position as an undervalued cyclical indicates a potential for stock price increase if economic surprises are on the positive side.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Eli Lilly and Company is among Goldman Sachs' top picks for growth stocks with high ROIC, suggesting a bullish stance on its future performance.
Eli Lilly's inclusion as a growth stock with high ROIC reflects expectations of robust growth and a positive investment outlook.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
Meta Platforms Inc. is among the 'Magnificent 7' tech stocks that Goldman Sachs expects to outperform in 2024.
Meta Platforms' inclusion in the 'Magnificent 7' indicates a bullish outlook and potential for continued market leadership.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Microsoft Corp. is included in the 'Magnificent 7' tech stocks that are expected to outperform in 2024, according to Goldman Sachs.
Microsoft's inclusion in the 'Magnificent 7' suggests a positive outlook and potential for continued market outperformance.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
ServiceNow Inc. is recommended by Goldman Sachs as a growth stock with high ROIC, pointing to a favorable outlook for its stock.
ServiceNow's recommendation as a growth stock with high ROIC indicates expectations of strong returns and market performance.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
NVIDIA Corp. is highlighted as a growth stock with high ROIC and is also part of the 'Magnificent 7' tech stocks expected to outperform in 2024 by Goldman Sachs.
NVIDIA's mention as both a growth stock and part of the 'Magnificent 7' suggests a particularly strong outlook for its stock performance.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 95
POSITIVE IMPACT
O’Reilly Automotive Inc. is recommended by Goldman Sachs as a quality stock to focus on amid potential recession concerns.
O’Reilly Automotive's recommendation as a quality stock suggests confidence in its resilience and potential for stable performance.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Tesla, Inc. is expected to continue its dominance as one of the 'Magnificent 7' tech stocks in 2024, according to Goldman Sachs.
Tesla's inclusion in the 'Magnificent 7' indicates a positive outlook and potential for continued strong performance in the tech sector.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Toro Co is identified as an undervalued cyclical by Goldman Sachs, suggesting it may offer investment opportunities if the economy exceeds forecasts.
Toro Co's classification as an undervalued cyclical suggests that it could see stock price appreciation if economic conditions improve beyond current expectations.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80