Wall Street's 2026 Forecasts: S&P 500 Targets and Earnings Projections

S&P 500 2026 Price Targets

• 🎯 The CNBC market strategist survey indicates a median year-end target of 7650 for the S&P 500 in 2026, suggesting an approximate 10-11% gain from current levels.
• 📈 Oppenheimer projects the highest target at 8100, while Bank of America has the lowest at 7100, with all strategists anticipating positive returns.

Implied Price-to-Earnings Multiples

• 📊 The median implied Price-to-Earnings (PE) target is around 25 times earnings, indicating potential multiple expansion from current valuations.
• 💡 John Stalsfus (Oppenheimer) implies a PE of 26.5, and Sevita Subermanian (BFA) forecasts just under 23.

Earnings Per Share (EPS) Projections

• 💰 Morgan Stanley's Mike Wilson estimates EPS at $356, with the median estimate for S&P 500 earnings at $38.
• 📉 Julian Emanuel (Evercore ISI) forecasts the lowest EPS at $296.

Overall Market Outlook

• ⚡ The combined factors suggest an anticipated 11% gain for the S&P 500, with a repeat of double-digit returns expected.
• ⚠️ Despite overall optimism, some strategists like Sevita Subermanian foresee earnings growth but are concerned about multiple compression and potential shifts in consumer spending (underweighting discretionary, overweighting staples).
• 🧐 The absence of a significant bear forecast (predicting flat or negative returns) suggests a general consensus on positive market movement, unlike previous years where targets were reset after sell-offs.