FILE PHOTO: General view of the Frankfurt stock exchange, Germany, June 29, 2015. REUTERS/Ralph Orlowski/File Photo

Goldman Sachs raised its 12-month STOXX 600 target to 700 points on Friday morning, citing lower energy costs. The revision implies a 5.42% upside from current levels of 664.01. The STOXX 600 index has risen over 12% so far this year, outperforming the S&P 500.