In a new CNBC interview, Ed Yardeni notes their projection increased from 7,700 to 8,250 by year-end.
“I’ve been bullish but not bullish enough. As it turns out, the earnings estimates of analysts have been phenomenal. I’ve never seen anything like it. The first quarter earnings season that we’re finishing up now has turned out to be gangbusters. Not only that, but the analysts are actually raising their estimates for the second, third and fourth quarters. And the year as a whole, they’re talking about something like 23%, which is an extraordinary increase in an economy that’s been growing all along.”
Yardeni encourages investors not to underestimate the resilience of the economy despite the ongoing geopolitical turmoil related to the Iran War.
The veteran Wall Street investor also argues that analysts sometimes “pay too much attention to Washington [DC].”
We’ve done remarkably well despite Washington. And I think the same thing can be said globally.”
The S&P 500 is priced at 7,416.18 at time of writing and is up more than 2.5% in the past five days. A jump to 8,250 would represent an increase of more than 11%.
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