We continue to recommend an overweight to equities and underweight to fixed income relative to investors’ targets, as appropriate. We reiterate our S&P 500 Index fair value target range of 4,050–4,100 at year-end 2021, based on a price-to-earnings (PE) multiple near 21 and our 2022 earnings forecast of $195.
Jeffrey Buchbinder, CFA, is an equity strategist at LPL Financial.