Market guru Yardeni sees S&P 500 hitting 8,250 this year as earnings bolster 'Roaring 2020s'
Fortune • • business
Key Points:
- Market veteran Yardeni raised his year-end S&P 500 forecast to 8,250 from 7,700, making him the most bullish among major Wall Street forecasters, representing an 11.5% increase from Friday’s close.
- Yardeni expects earnings per share (EPS) for large-cap companies to reach $330 in 2024 and $375 in 2027, up from previous estimates, with revenue per share also revised higher for 2026 and 2027.
- He maintains an optimistic view on the U.S. economy’s resilience despite challenges such as the Russia-Ukraine war, Fed rate hikes, and geopolitical tensions, raising the probability of the "Roaring 2020s" continuing to 80%.
- Yardeni sees any market downturn as a buying opportunity, keeping recession odds at 20%, and recommends global stocks, especially in emerging markets excluding China, due to relatively cheaper valuations.
- Despite geopolitical risks and energy supply concerns, Yardeni sticks with a long-term S&P 500 target of 10,000 by the end of 2029, noting it could be reached sooner than expected.