BANGALORE, INDIA – U.S. companies will see profits stagnate in 2020 thanks to the spread of the coronavirus in China and beyond, Goldman Sachs said on Thursday, slashing its expectations for average corporate earnings this year.
In a note to clients, the bank cut its baseline earnings per share estimate for S&P 500 companies to $165 from $174 in 2020, implying that profits would remain unchanged from a year ago.
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