With earnings growth turning positive and a more reasonable price-to-earnings ratio, stocks are more attractive, he said. Goldman Sachs raised its 2022 earnings per share growth forecast to 8% from more than 5%, but cut its year-end target for the S&P 500 to 4,300 from 4,700 on interest rate and growth fears. The Chinese data cast a long shadow over the world's second-largest economy while the steep drop in New York manufacturing could be an early signal of the impact of the Fed's plans to tighten monetary policy to tackle rapidly rising inflation.