1. Bank of America Global Research: In September, it raised its year-end 2026 target for the S&P 500 from 7100 to 7400. This is one of the most bearish forecasts on Wall Street. Analyst Savita Subramanian warned of interest rate risks and remains cautious about inflation and the risks of Fed rate hikes.
2. Wells Fargo: In September, it lowered its year-end target from 7950 to 7700. The US stock market has entered the late stage of this cycle, and the core logic of subsequent market movements will shift to valuation contraction, making it difficult to continue relying on earnings growth to drive upwards.
3. Barclays: In September, it raised its year-end target from 7800 to 7950, while maintaining its forecast of 8800 by the end of 2027. Better-than-expected second-quarter earnings from technology companies prompted a significant upward revision of its earnings per share forecast for the index. This target adjustment is mainly driven by earnings growth. 4. Jefferies: Raised its year-end target to 8000 points in September, and expects it to rise further to 9000 points by the end of 2027. The strong earnings growth story is still undervalued by the market, and further upward revisions to earnings are expected to drive the index higher.
5. JPMorgan Chase: Raised its year-end target to 8000 points in August from 7800 points. The large-scale capital expenditures of AI hyperscale cloud service providers are gradually translating into cloud revenue, order backlogs, and better cash flow visibility, thus alleviating investor concerns about the ROI of AI investments.
6. Deutsche Bank: Maintained its year-end target of approximately 8000 points in September, raising its 2026 EPS forecast to $358, representing a year-on-year increase of approximately 28%, and its 2027 EPS forecast to $420 from $390. This is attributed to the expanding scope of the manufacturing recovery and supportive demand from artificial intelligence. Corporate buybacks and cross-asset inflows are also expected to outweigh supply pressure from equity financing.
7. Societe Generale: In June, it raised its year-end target for the S&P 500 from 7300 to 8000, citing strong corporate earnings growth and continued momentum in the AI infrastructure sector as key drivers.
8. Goldman Sachs: In May, it raised its year-end target from 7600 to 8000, primarily based on upward earnings revisions. It raised its 2026 EPS forecast for S&P 500 companies to $340, representing a 24% year-over-year increase, and expects a further 13% growth in 2027.
9. Morgan Stanley: In May, it raised its year-end target from 7800 to 8000, and also increased its 12-month target to 8300. Mike Wilson's team projects 2026 EPS of approximately $339, a 23% year-over-year increase, followed by $380 in 2027 and $429 in 2028. 10. Citigroup: In June, it raised its year-end target to 8100 points from 7700. However, in September, the bank stated that the outlook for US stocks was clouded by rising oil prices and higher bond yields, and its year-end target for the S&P 500 might be too aggressive.
11. HSBC: In September, it significantly raised its year-end target to 8100 points from 7650, betting that strong corporate earnings and continued spending on artificial intelligence infrastructure would extend the benchmark index's gains. It expects earnings per share growth of over 25% in the second half of the year.
12. UBS Global Wealth Management: In August, it raised its year-end target to 8100 points from 7900, citing the resilience of the US economy, a supportive monetary policy environment, and the continued expansion of AI applications; it believes the market rally is spreading from AI-related leaders to more cyclical sectors.
13. Oppenheimer: Chief Investment Strategist John Stoltzfus maintained his year-end target of 8100 points for the S&P 500 in September. The Fed’s interest rate hikes, high oil prices, and rising bond yields have changed the short-term market environment, but are not enough to change the target of 8,100 points.
