The targets JPM have for the S&P500 are 4700 by the end of 2021

  • and above 5000 next year.

JPM citing:

  • We do not expect permanent demand destruction from this fourth Covid wave, but rather a delay in the global reopening
  • an increasing number of indicators are pointing to an inflection in the Delta variant, setting up for a powerful holiday season (unlike last year)
  • For these reasons, we remain positive on the equity outlook, expect S&P 500 to ... surpass 5,000 next year on better than expected earnings
  • We are raising our EPS estimates ... from $230 to $240 for 2022 (consensus at $220.35)