May 12. Goldman Sachs raises forecast for the RTS Index 12% to 2,750.

Goldman Sachs has lifted its year-end 2008 forecast for benchmark RTS 12% to 2,750 points, GS said in its strategic outlook for May. GS analysts upgraded their projection for the RTS Index due to a spike in crude prices they expected, which prompted them to raise their estimates for the value of oil and gas producers, and also taking into account positive news about the Russian government's aspiration to ease the tax burden on oil producers. As reported earlier, in early May Goldman Sachs updated its target prices for the Russian O&G companies it tracks, upgrading stock recommendations from HOLD to BUY. In the strategic outlook GS analysts confirmed their bullish stance on the O&G and also consumer sectors of Russia, but still advise steering clear of the utilities industry.