<p>The bull case for U.S. stocks just found a new ceiling, and it was set by the strategist who has been carrying the torch for the “Roaring 2020s” since 2020.</p>



<p>In 72 hours, three of Wall Street’s most-followed strategy desks lifted their S&amp;P 500 year-end targets. Yardeni Research president Ed Yardeni went highest, to 8,250 — the most bullish call on the Street.</p>



<p>On Sunday, <strong>Ed Yardeni</strong> raised his year-end S&amp;P 500 target to 8,250 from 7,700, moving above every published call on Wall Street and roughly 11.5% above Friday’s record close of 7,398.93.</p>



<p>The move arrived after a six-week winning streak that pushed the benchmark – tracked by the <strong>SPDR S&amp;P 500 ETF Trust</strong> (NYSE:SPY) – to its longest stretch of gains since 2024, fueled by what Yardeni described in his note as an “earnings-led meltup.”</p>



<p>“We’ve never seen consensus earnings expectations rise so quickly for the current and coming years as they have in recent months. The result has been an earnings-led meltup in the stock market,” Yardeni said. </p>



<h2>Yardeni Tops The Street At 8,250</h2>



<p>Yardeni’s new 8,250 target sits roughly 11.5% above Friday’s record close of 7,398.93. It now edges past Oppenheimer’s 8,100 and Deutsche Bank’s 8,000 to become the most aggressive call published on Wall Street.</p>



<p>The veteran strategist also raised his subjective probability of a continued “Roaring 2020s” scenario to 80% from 60%, folding in his previous 20% meltup case. Odds of a recession-driven bear market stayed at 20%.</p>



<p>Yardeni’s longer-horizon view sharpened too. He stuck with a 10,000 target for the S&amp;P 500 by the end of 2029.</p>



<p>“It might arrive ahead of schedule,” he added. </p>



<h2>RBC’s Calvasina Splits The Market In Two</h2>



<p>RBC Capital Markets raised its 12-month forward target to 7,900 from 7,750 on Friday, a call set by Lori Calvasina, head of U.S. equity strategy. The new number implies 6.8% upside from Friday’s close, with a bull case at 8,100 — a 9.5% gain — if AI earnings broaden beyond the Magnificent Seven.</p>



<p>“AI in the fast lane, Middle East in the slow lane,” Calvasina said.</p>



<p>The framing is the call. RBC cut earnings expectations for the non-AI portion of the S&amp;P 500 by 7.5%, while leaving AI-related estimates closer to Street consensus. The asymmetry is what carries the index higher in her model.</p>



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<h2>HSBC Goes Smaller, Sees Risks Ahead</h2>



<p>HSBC raised its year-end 2026 target to 7,650 from 7,500 on Monday, the smallest of the three hikes.</p>



<p>The bank expects 2026 S&amp;P 500 earnings per share growth of about 20%, or $325 for the index, with the Magnificent Seven continuing to drive the bulk of gains. First-quarter S&amp;P 500 earnings are on track to climb nearly 29% year-on-year, according to LSEG I/B/E/S data cited by HSBC.</p>



<p>What makes the call interesting is the upside path. HSBC strategists laid out a credible route above 8,000 — but flagged the rally’s narrowness as the structural risk. Most S&amp;P 500 stocks still trade below their 52-week highs, leaving room for further upside if participation broadens. </p>



<p>Tech and the Magnificent Seven now account for more than half of the S&amp;P 500’s market cap and more than 40% of index earnings, though valuations have de-rated from prior peaks.</p>



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Firm</th><th>S&amp;P 500 Year-end 2026 Target</th><th>Implied Upside</th></tr></thead><tbody><tr><td><strong>Yardeni Research</strong></td><td>8,250</td><td>+11.5%</td></tr><tr><td><strong>Oppenheimer</strong></td><td>8,100</td><td>+9.5%</td></tr><tr><td><strong>Deutsche Bank</strong></td><td>8,000</td><td>+8.1%</td></tr><tr><td><strong>RBC Capital Markets</strong></td><td>7,900</td><td>+6.8%</td></tr><tr><td><strong>Morgan Stanley</strong></td><td>7,800</td><td>+5.4%</td></tr><tr><td><strong>HSBC</strong></td><td>7,650</td><td>+3.4%</td></tr><tr><td><strong>Goldman Sachs</strong></td><td>7,600</td><td>+2.7%</td></tr><tr><td><strong>JPMorgan</strong></td><td>7,500</td><td>+1.4%</td></tr><tr><td><strong>Bank of America</strong></td><td>7,100</td><td>−4.0%</td></tr></tbody></table></figure>



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<p><em>Image created using artificial intelligence via Midjourney.</em></p>

.SPX

HSBC

<p>Three major Wall Street firms, Yardeni Research, RBC Capital Markets, and HSBC, have raised their S&P 500 year-end targets. Yardeni leads with a target of 8,250, reflecting an optimistic view on earnings growth. RBC increased its target to 7,900, emphasizing a split market driven by AI, while HSBC raised its target to 7,650, noting risks in the narrow rally. The adjustments highlight a bullish sentiment among strategists, with Yardeni's call being the most aggressive on the Street.</p>

- Three Wall Street strategy desks raised their year-end S&P 500 targets, with Ed Yardeni now predicting a target of 8,250, the highest on record.  
- Yardeni's optimism comes after a six-week winning streak, citing an "earnings-led meltup" and a sharp rise in consensus earnings expectations.  
- RBC and HSBC also adjusted their targets, with RBC forecasting 7,900 and HSBC at 7,650, highlighting potential structural risks due to a narrow market rally despite significant gains from AI-dominant companies.

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Yardeni, RBC, And HSBC Raise S&P 500 Targets: Who's The Most Bullish On The Street Now?