Strategy Report
To 8100 And Beyond: Returns Will Need To Be Earned
The economy has shifted into Expansion, earnings growth is broader and stronger than we expected, and we are raising our 2026 S&P 500 target to 8100 on $330 of EPS. However, we are also cutting our year-end multiple to 24.5. From here, returns will need to come from earnings growth, not multiple expansion.
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BCA Research | US Equity Strategy
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