Yup. MS cuts 2025 S&P earnings to 257 from 271
If you apply a multiple of 20, SPX would be 5140, comparable to JPM's revision.
Mike Wilson: looking for retesting the lows of last week., bearish on US dollar, next 30 - 60 days mini with high volatility.
Mike Wilson tends to be conservative. When it is a bear market, he tends to be right.