Equity Research

IN THE SPOTLIGHT

EQUITY FORECASTS 
Index Forecast Upside / Downside
to 12m TP (%)
EPS Growth (%)* P/E (X)**
3m 6m 12m 2020E 2021E 2020E 2021E
S&P 500 (USD) 3700 4100 4300 20.9 -17 29 26.1 21.3
STOXX Europe 600 (EUR) 405 420 430 10.4 -38 50 22.8 17.0
MSCI Asia-Pacific Ex-Japan (USD) 650 675 700 12.0 -5 23 19.4 15.8
Topix (Yen) 1750 1800 1875 8.5 -10 58 25.6 17.2

* GS top-down forecasts. ** P/E is based on current price and bottom-up consensus EPS for 2020 and 2021. As of 23 Nov 2020.