With S&P back at new highs, now come the price target and earnings revisions

Now that the S & P 500 and most major stock market indexes are at or near historic highs, expect a raft of earnings and year-end price target revisions for the S & P 500 to be coming. Why? Because new highs tend to beget new highs. The S & P at a new highs will "open the door to a 5% to 10% advance over the coming three plus months before enduring another 5%+ decline," Sam Stovall from CFRA said in a note to clients Wednesday night.

S & P year-end price targets Cantor Fitzgerald 4,400 Citigroup 5,100 Deutsche Bank 5,100 Evercore ISI 4,750 Fundstrat 5,200 JPMorgan 4,200 Morgan Stanley 4,500 Scotiabank 4,600 Source: Bloomberg Put it all together, and the average strategist has a year-end price target of 5,095, more than 200 points below the 5,308 close from Wednesday. The median price target is 5,200. And that is with all the upward revisions.

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Inflation data commands center stage next week and provides a test for the market rallyThe consumer price index report Wednesday is the most important event on Wall Street next week.
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