This article first appeared on GuruFocus. Jefferies expects the S&P 500 to climb to 9,000 by the end of 2027, but the bullish forecast is not built on investors paying ever-higher valuations. Instead, the bank is betting that corporate earnings can rise sharply enough to carry the market higher, with profit growth broadening beyond mega-cap technology companies even as inflation, bond yields and AI-related risks remain elevated. Warning! GuruFocus has detected 2 Warning Sign with META. Is QQQ fairly valued? Test your thesis with our free DCF calculator. For 2026, Jefferies sees the S&P 500 ending at 8,000, supported by earnings per share of $373 and a 21.5-times price-to-earnings multiple. The bigger move comes in 2027.
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