UPDATE 1-Goldman cuts S&P 500 EPS view; Citi cuts index target

(Recasts; adds analysts' comments)

Nov 24 (Reuters) - Goldman Sachs cut its 2008 and 2009 earnings estimate on the Standard & Poor's 500 Index .SPX, and said profits at non-financial companies in the index will face the same decline experienced by financial firms.

In a separate note, Citigroup cut its 2008 and 2009 targets on the index.

The U.S. government's bailout plan, attempts by financial firms to recapitalize, the outcome of the U.S. presidential elections and central bank intervention have failed to turn equity markets around, "leaving many with a sense of hopelessness as to what conditions are needed for stocks to stop falling," Citi analyst Tobias Levkovich said.

Citigroup cut its 2008 target for the index to 850 points from 1,200 points. The 2009 target was cut to 1,000 points from 1,300 points.

Goldman cut its 2008 earnings-per-share estimate on the index to $55 from $65 -- its third estimate cut in less than three months. The 2009 estimate was cut to $53 from $68.

The S&P 500 index was up more than 3.5 percent at 828.23 points on Monday morning. (Reporting by Arup Roychoudhury in Bangalore; Editing by Pratish Narayanan)