When it comes to the outlook for the S&P 500, we typically hear from equity strategists who provide a top-down call. Basically, one person considers all of the factors (e.g. EPS estimates, GDP, etc.) and comes up with a number for the S&P 500.
We rarely hear about the bottoms-up estimate. This number is usually based on a composite of estimates and price targets of a group of analysts and stock pickers.
FactSet compiled information on 11,065 ratings on S&P 500 stocks. Based on all that data, the 12-month bottoms-up forecast on the S&P 500 is 1,567. This target has increased for four straight months.
The bottoms-up number compares to strategists' top-down estimate of 1,457.
Here's a chart S&P 500 outlooks based on top-down and bottom-up from FactSet:
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