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Morgan strategists have lifted their year-end S&P 500 price target to 7,800, saying they had been "much too cautious" around what they called "unprecedented" expectations for earnings growth.
The upgrade arrives paired with an explicit warning: the bank's team said a flash crash remains a risk even as it turns more constructive on U.S. An Admission of Excessive Caution The language J.P.
Morgan's strategists used is notable for its directness.
Acknowledging they were "much too cautious" is not routine hedging — it signals that the earnings trajectory the bank had modeled was running materially below what the market was pricing in.
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