Lows won't be reached until 2023, the bank's strategists wrote.
A surging U.S. dollar, headwinds to margins and tax changes are key risks to upcoming earnings reports, Goldman said.
Analysts see more earnings warnings ahead as the economy slows.
Goldman's preference for US exposure comes during what is turning out to be a particularly tough year for business in Europe.
There have been no monthly flows into stocks over the past half-year, the bank's strategists said.
Sell-side analysts are currently net buyers of all major European sectors, according to Citi's strategists.
Technology companies are particularly at risk because many of them are valued on projected profits.
Investors still expect the Fed to slow down the pace of interest rate increases, bank strategists said.
The peak in analyst optimism comes amid a rebound that has seen the S&P 500 climb more than 10% from its June low.
Goldman strategists said that US earnings estimates are still too high and will likely be revised downwards.
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