Goldman Sachs lifts Europe’s STOXX and FTSE targets

imageStock Markets11 hours ago (Aug 10, 2021 09:21)

© Reuters. FILE PHOTO: The Goldman Sachs company logo is on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 13, 2021. REUTERS/Brendan McDermid

MILAN (Reuters) – Goldman Sachs (NYSE:GS) has lifted its 12-month target for Europe’s STOXX 600 equity benchmark to 520 points from 480, saying it sees “good catch-up trade and value” in banks, energy and basic resources stocks.

“European equities are up strongly this year, keeping pace with U.S. stocks and outperforming other regions. But while performance has been strong, valuation in aggregate has fallen as EPS revisions have been the strongest in 20 years,” analysts at the U.S. bank said in a note on Tuesday.

The STOXX 600 was trading at around 470 points on Tuesday.

Goldman also raised its 12-month target for the UK’s top FTSE 100 index to 7,900 points from 7,600. It was at 7,133 points on Tuesday.

Goldman Sachs lifts Europe’s STOXX and FTSE targets

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