Market Outlook: Ed Yardeni Raises S&P 500 Price Target
Ed Yardeni of Yardeni Research has increased his price target for the S&P 500 to 8,400, signaling an expected 8% rise and marking a potential third consecutive year of at least 20% gains. As of August 17, the S&P 500 is up approximately 12.3% this year, trading around 7,756.
Yardeni cites strong earnings momentum as a key driver, with S&P 500 earnings rising over 50% annually in Q2 2023, backed by 88% of companies reporting positive earnings surprises. Furthermore, he anticipates 2027 earnings per share estimates will exceed $400.
Key factors influencing market performance include the resolution of geopolitical tensions, particularly related to Iran, and continued investment in artificial intelligence (AI), with hyperscalers projected to spend over $700 billion on AI infrastructure this year alone.
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