JPMorgan raised its year-end target for the S&P 500 to 8,000 from 7,800, implying about 3.1% upside from Friday's 7,757.64 close, as strong earnings and firmer confidence in AI-driven revenue growth improved the outlook for U.S. equities. CFRA also raised its target to 8,050, while CFRA's Sam Stovall lifted his 12-month target to 8,650 but warned the market may be nearing a peak. The increasingly bullish forecasts come as a new risk signal emerges beneath the rally: investors are backing away from downside protection, with options skew falling to a 16-month low and the S&P 500 dividend yield dropping to a record-low 1.04%. JPMorgan said steady cloud growth and rising order backlogs should convert into revenue, helping ease concerns about return on invested capital and supporting gains in shares tied to AI spending, particularly Google, Amazon and Microsoft. It lifted S&P 500 earnings per share forecasts to $365 for 2026 from $350 and to $420 for 2027 from $390, while keeping its target valuation multiple at about 20 times because of future interest-rate increases, geopolitical risks and heavy stock and bond issuance.