Wall Street analysts are reducing their earnings estimates for major stocks, including the Magnificent 7, expecting 16.9% profit growth in 2025, down from approximately 20%. This adjustment follows a series of underwhelming earnings reports from tech giants. The S&P 500 is currently trading at 22 times 2025 earnings estimates, significantly higher than the historical median of 15.4, which would value the index at around 4,200. Despite these conservative forecasts, some analysts, including those from Evercore and Yardeni Research, remain optimistic about the market's long-term performance. Yardeni Research predicts the S&P 500 will reach 6,100 by the end of 2024 and 10,000 by the end of the decade. Goldman Sachs projects S&P 500 EPS to be $288 in 2026, a 19.5% increase from this year's estimate of $241. Analysts at FTI_US anticipate a double-digit gain for the market in 2025, helped by solid earnings growth and further-expanding multiples.