"It ain't over," Birinyi said in a phone interview on June 7 from Westport, Connecticut. "Historically, in the last stage of the bull market it's a very strong rally. The last stage is the one where everyone is in the pool. This is still a market where even in the first quarter of this year, there was a lot of skepticism and reluctance and that hasn't changed."

Whirlpool, Nike
Birinyi added Whirlpool Corp., the world's largest appliance maker, to his recommendations last month. The Benton Harbor, Michigan-based company is up 28 percent so far in 2012, even after dropping 17 percent in April, and analysts project earnings excluding some items will more than triple this year.

Nike Inc. and Chipotle Mexican Grill Inc., which have outperformed the S&P 500 in 2012, are among his picks.

UBS's Golub expects the S&P 500 to reach 1,475 by the end of the year as earnings climb to $105 a share. His price estimate for the S&P 500 is tied for second-highest among 13 Wall Street strategists tracked by Bloomberg. While a default in Europe would force him to lower his forecasts, Golub said economic conditions in the U.S. are strong and European leaders will stem the crisis.

Worst Case
"The question is whether policy officials are going to watch the euro crumble or whether they're going to take some type of action to avoid the worst-case outcome," Golub said in a June 4 interview at Bloomberg's headquarters in New York. "If there's anything we've learned over the last three years, it's that policy makers are much more able and creative at being able to avoid worst-case outcomes."

Spain became the fourth euro member to seek a bailout since the start of the region's debt crisis more than two years ago with a request for as much as 100 billion euros ($125 billion) to rescue its banks.

Both Golub and Tony Dwyer at Canaccord Genuity Securities LLC recommend technology and consumer discretionary companies. Broadcom Corp., a maker of chips that help mobile devices connect to the Internet, has lost 13 percent from its high this year of $39.30, sending the Irvine, California-based company's price-earnings ratio 63 percent below its five-year average.

Ralph Lauren Corp. tumbled 14 percent last month even after the retailer reported profit that beat analysts' estimates. Analysts project earnings will climb 16 percent in fiscal 2013. The stock is down 2.5 percent in June.

'Only Natural'
"Corrections are only natural, normal and healthy until they happen," said Dwyer, the chief equity strategist at Canaccord, who predicts the S&P 500 will reach 1,575. "The fundamental backdrop is still constructive, albeit slower."

Dwyer sees record S&P 500 earnings of $105 a share in 2012 and a price-earnings ratio of 15, compared with 13.4 now. With producer prices excluding food and energy rising an average of 2.9 percent this year, expenses are unlikely to curb profits and the ratio may expand more than that, he said.