Yardeni Says Analysts Still See S&P 500 Earnings Near $500 Per Share by 2028

Ed Yardeni, president of Yardeni Research, said Wall Street analysts have largely kept their S&P 500 earnings forecasts, with the 2028 consensus near $500 a share even after selloffs in Alphabet and Intel. In an October 24 note, he cited a $493 consensus and set his own 2028 forecast at $450, about 9% lower, arguing index holders face profit growth he views as too bullish. He said weekly estimates were roughly flat in the week of October 26 and analysts remain strongly bullish for 2027 and 2028. Forward earnings per share rose 31% this year while the S&P 500 gained 11.4%, and its forward price-to-earnings multiple fell 13.5%.