Goldman Sachs says investors are underestimating the chance of a COVID-19 vaccine in 2020, an event that could push the S&P 500 11% higher
thinks markets are underpricing the prospect that at least one coronavirus vaccine will be developed and ready for use by the end of 2020.
"We agree that there is now a good chance that at least one vaccine will be FDA-approved by the end of November and broadly distributed by the middle of 2021," they added.
"We now see our baseline as consistent with the S&P 500 at around 3,390, the upside case with the S&P 500 at around 3,700, and the downside case with the S&P 500 at a little below 2,200," Goldman Sachs said.
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