JPMorgan Raises S&P 500 Year-End Target to 7,800 Points on June 24, Forecasts 29% EPS Growth

According to JPMorgan chief strategist Dubravko Lakos-Bujas, the firm raised its S&P 500 year-end target price to 7,800 points on Wednesday, June 24, citing unprecedented corporate earnings revisions driven by AI capital expenditure growth. The bank upgraded its 2026 earnings per share (EPS) forecast to $350, representing 29% year-over-year growth, with 2027 EPS projected at $390.

Market consensus estimates for S&P 500 constituents' two-year earnings growth have increased approximately 20%, nearly synchronized with doubled AI infrastructure investment. JPMorgan attributed the earnings momentum to sustained AI investments and improved U.S.-Iran relations, which it said should reduce risk premiums and support equities.