Wall Street bank keeps year-end S&P 500 target at 2,100
by Sue Chang
Goldman Sachs slashed its 2016 estimate of U.S. demand for equities by nearly half on Monday, citing a weaker appetite for stocks among retail investors as the market struggles to break free from its range-bound trading amid global uncertainty.
David Kostin, chief U.S. strategist at Goldman Sachs, cut his 2016 forecast for net U.S. equity demand to $125 billion, citing lower inflows into the stock market during the first half.
The strategist had initially projected equity demand of $225 billion for this year, with $325 billion in foreign stock purchases by U.S. investors and $50 billion in credit investments offsetting $600 billion in gross demand.