I. From Caution to Buying Opportunities
On September 15, we advised our readers to "Proceed With Caution." In that note, we pushed our year-end S&P 500 target of 8,400 to mid-2027 and lowered our 2026 target to 7,900. Our concern wasn't earnings. We maintained our 2027 S&P 500 EPS forecast of $425 but lowered our year-end forward P/E forecast from 19.8 to 18.6.
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