finance
Morgan Stanley Strategist Projects S&P 500 Earnings Through 2028
Mike Wilson of Morgan Stanley published a mid-year outlook that includes earnings-per-share estimates for 2026, 2027, and 2028. The 2028 figure of $429 is close to the current consensus estimate of $427.
May 26, 12:57 PM·1m read1 source
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Morgan Stanley strategist Mike Wilson released earnings-per-share forecasts for the S&P 500 extending through 2028 in a mid-year outlook note published earlier this month. Wilson projected 2026 EPS at $339, representing 23 percent growth from the prior year. He then forecast 2027 EPS at $380, an increase of 12 percent, followed by 2028 EPS at $429, an increase of 13 percent.
Wilson cited positive operating leverage, continued AI adoption, improving pricing power, and sustained AI capital-expenditure momentum as the main factors supporting the outlook. The 2028 estimate is two dollars above the current consensus projection of $427 per share.
Wilson noted that he correctly anticipated margin expansion from operating leverage three years earlier. The strategist added that long-term stock prices are primarily driven by expected future earnings.
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