February 28, 2020 / 9:41 PM / a month ago

FACTBOX-Banks cut S&P 500, earnings targets due to coronavirus

NEW YORK, Feb 28 (Reuters) - Strategists from top U.S. financial firms cut their earnings per share and other targets for the S&P 500 and globally in recent days as the expected impact of the coronavirus on corporate results escalated. Here are some of the bigger announcements:

** Goldman Sachs on Thursday cut its outlook for S&P 500 corporate earnings in 2020, saying it expects no earnings growth this year. Goldman’s equity strategists now expect aggregate S&P 500 earnings per share of $165, down from the previous estimate of $174

** Wells Fargo Investment Institute this week cut its 2020 S&P 500 EPS target to $172 from $175 and cut its year-end target forecast for the S&P 500 index to 3,260-3,440, down from the previous target of 3,340-3,520.

** Citigroup strategists on Friday said major global companies will see no growth in earnings in 2020 (Reporting by Caroline Valetkevitch Editing by Leslie Adler)

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