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We are raising our year-end S&P 500 target from 7700 to 8250. We've been bullish on earnings but not as bullish as the recent consensus of industry analysts. We've never seen consensus earnings expectations rise so quickly for the current and coming years as they have in recent months. The result has been an earnings-led meltup in the stock market.
Our 2026 and 2027 EPS estimates have been $310 and $350, respectively, since late last year. Those were bullish estimates back then. Consensus EPS estimates have rocketed above our targets in recent weeks. They are currently $336.49 (up 22.0% from last year!) and $386.70 (up 14.9% from the 2026 consensus estimate) (chart).
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