Goldman Sachs’ Bull Case Sees S&P 500 Rebounding 12% in 2023 — Here Are 3 Stocks to Bet on It

After 2022’s inflation-driven market meltdown, 2023’s bogey number 1 appears to be the fear of a global recession. However, Sharmin Mossavar-Rahmani, CIO of Goldman Sachs’ wealth-management segment, does not necessarily think this is a particularly bad omen for the stock market.

“We’re not arguing that today’s valuations fully discount a recession, but considering last year’s equity drawdown, we do think a significant part of any valuation reset has already occurred,” Mossavar-Rahmani opined.

In fact, Mossavar-Rahmani thinks the S&P 500 has room to move 12% higher this year, even if a mild recession does materialize. “Put simply,” she added, “markets bottom when the news is still bad.”

Against this backdrop, Mossavar-Rahmani’s analyst colleagues at the banking giant have pinpointed three names that they think will benefit from such a rally. We ran the tickers through TipRanks database to see what other Wall Street’s analysts have to say about them.

Salesforce, Inc. (CRM)

The first Goldman pick we’re looking at is software giant Salesforce. The company is a customer relationship management (CRM) specialist, providing software and applications that help its clients offer a better level of service to their own customers. Services run the gamut from support to analytics and relationship intelligence to personalized customer service, sales, and everything in between. Salesforce is one of the biggest software providers in the world, boasting a market cap north of $148 billion.

That said, like many other tech companies, recent times have been no easy ride, and the company only recently announced a 10% reduction to its workforce. Additionally, several execs have been handing their notice in over the past few months, amongst them co-Chief Executive Bret Taylor, who said he will leave his post at the end of January.

That announcement was made in tandem with the release of the company’s FQ3 results (October results). Salesforce delivered revenue of $7.84 billion, amounting to a 14.3% year-over-year uptick. Adj. EPS reached $1.40, easily trumping the…


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