HSBC raised its year-end S&P 500 target to 8,100 from 7,650, while Barclays lifted its forecast to 7,950 from 7,800 and sees the index reaching 8,800 by the end of 2027. Barclays also raised its 2026 earnings-per-share forecast to $365 from $337, citing resilient economic activity, strong corporate earnings and continued artificial intelligence investment. The earnings backdrop strengthened as the season progressed: FactSet said 86% of reporting companies had exceeded earnings-per-share expectations, compared with five- and 10-year averages of 78% and 76%. A separate LSEG measure cited in earlier Barclays analysis showed 86% of 492 reporting companies beating estimates, above its 67.5% long-term average. Alphabet and Amazon provided an unusually large boost through gains tied to their Anthropic investments, while S&P 500 earnings still rose about 33% after major AI investment gains were excluded, according to Reuters analysis. Technology earnings increased 74%, and Nvidia reported $96.2 billion in quarterly revenue, more than double the year-earlier level. Other major banks, including UBS Global Research, Goldman Sachs and Citigroup, expect the index to reach or exceed 8,000 by year-end. Barclays remains cautious about valuations and downgraded Utilities to Neutral because of wildfire-liability reform uncertainty and opposition to data-center permitting in some U.S. states.