Wall Street Strategist David Kostin
David Kostin
Chief US Equity Strategist · Coverage 2008–2025 · Retired September 2025
Abby Joseph Cohen 1999–2008
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David Kostin 2008–2025
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Ben Snider 2025–present
AnaChart's record of David Kostin's S&P 500 year-end price targets at Goldman Sachs covers 41 published targets and revisions across 16 closed forecast years. His final-year hit rate within ±3% of the actual close is 25% — 4 of 16 years. Closest call: 2009, target 1,100 vs. actual 1,115. Largest miss: 2008, target 1,675 vs. actual 903.
The busiest stretches in Kostin's coverage came in 2020 and 2022. Through the COVID collapse he cut his 2020 target from 3,400 to 3,200 on March 18, then to 2,400 just five days later, before climbing back to 3,000 in June, 3,600 in August, and closing the year at 3,756. In 2022 he held 5,100 (set November 2021) until March 16, then trimmed to 4,700, then to 4,300 in May, and finally to 3,600 in September as inflation persisted - a 1,500-point cut from peak to final. The full sequence of every revision is plotted on the chart below.
S&P 500 Year-End Targets — Full History
Gray line: S&P 500 end-of-day closing price. Blue line: David Kostin's published S&P 500 price targets, each plotted at issuance date. Both lines end at retirement.
Year-by-Year Forecast Performance
| Year | Final Target | Year-End Actual | % Off | Result |
|---|---|---|---|---|
| 2025 | 6,800 | In progress at retirement | — | Final call |
| 2024 | 6,000 | 5,882 | +2.0% | Hit |
| 2023 | 4,500 | 4,770 | −5.7% | Miss |
| 2022 | 3,600 | 3,840 | −6.2% | Miss |
| 2021 | 4,900 | 4,766 | +2.8% | Hit |
| 2020 | 3,600 | 3,756 | −4.2% | Miss |
| 2019 | 3,100 | 3,231 | −4.0% | Miss |
| 2018 | 2,850 | 2,507 | +13.7% | Miss |
| 2017 | 2,400 | 2,674 | −10.2% | Miss |
| 2016 | 2,175 | 2,239 | −2.8% | Hit |
| 2015 | 1,900 | 2,044 | −7.0% | Miss |
| 2014 | 1,900 | 2,059 | −7.7% | Miss |
| 2013 | 1,575 | 1,848 | −14.8% | Miss |
| 2012 | 1,250 | 1,426 | −12.4% | Miss |
| 2011 | 1,450 | 1,258 | +15.3% | Miss |
| 2010 | 1,200 | 1,258 | −4.6% | Miss |
| 2009 | 1,100 | 1,115 | −1.4% | Hit |
| 2008 | 1,675 | 903 | +85.4% | Miss |
Show 15 more years (2008–2022) Free account · no credit card
Frequently Asked Questions
Is David Kostin still Goldman Sachs' Chief US Equity Strategist?
No. Goldman Sachs announced in September 2025 that Kostin would retire and move into an advisory director role. Ben Snider succeeded him as Chief US Equity Strategist and now publishes Goldman's official S&P 500 year-end target.
What was David Kostin's final S&P 500 target?
Kostin's last AnaChart-tracked target was 6,800 for year-end 2025, set on September 22, 2025 - published shortly before the retirement announcement. The 7,600 target for 2026 attributed to Goldman Sachs is from his successor, Ben Snider.
How accurate were David Kostin's S&P 500 forecasts?
Kostin's final-year target landed within ±3% of the actual year-end S&P 500 close in 4 of his 16 closed forecast years - a 25% hit rate. He tended to undershoot in strong bull markets and overshoot in major drawdowns. The year-by-year table above shows every call.
How often did David Kostin revise his S&P 500 target?
Roughly one revision every 15 weeks on average, with sharp clustering during dislocations. Calm years (2014, 2016, 2017, 2019) saw only one or two moves. Turning-point years saw four to five - see the intro paragraph above for the 2020 and 2022 sequences. Every dot on the chart marks one of those revisions; hover any dot to see the date and target level.
Who took over from David Kostin at Goldman Sachs?
Ben Snider, who joined Goldman in 2010 and became a managing director in 2017, took over as Chief US Equity Strategist in 2025. Snider now leads the US Portfolio Strategy team and represents Goldman's equity views in media and client forums.