Firm maintains bullish forecast, citing $305 EPS and easing Middle East tensions as key catalysts for equities.
Oppenheimer has reaffirmed its year-end 2026 S&P 500 target of 8,100, originally set in December when the index traded at 6,870. The forecast implies 18% upside from current levels, based on $305 earnings per share and a 26.5 forward P/E multiple, both above consensus at the time of the initial call.
The firm’s chief investment strategist, John Stoltzfus, had noted the 26.5 multiple could contract if earnings outperform expectations, as they have since 2023. The reiteration follows recent geopolitical developments, including an Iran deal and the expected reopening of the Strait of Hormuz, which Oppenheimer views as catalysts for market clarity.
No immediate market reaction was specified, but the firm’s stance contrasts with broader caution over stretched valuations and a concentrated rally earlier this year.