In the spreadsheet above I have tracked the top 30 weights for the S&P 500 ETF (SPY).
The column under the date 10/5/2023 has a letter that represents the movement in 2023 earnings estimates since the most recent print (8/5/2023). “U” means 2023 estimates are UP in the last 60 days. “D” means 2023 estimates are DOWN in the last 60 days. “S” means 2023 estimates have remained the SAME in the last 60 days. The column entitled “1yr Target Est” is the Wall Street consensus 12 month price target for each stock.
What this table is telling us is that estimates have gone UP in the past 60 days. More estimates came UP for 2023 in the past 60 days than went DOWN – the Up:Down ratio was 29:1.
The cumulative 2023 earnings power of these 30 stocks was revised UP by +10.66% in the past 60 days. 2024 estimates are UP +10.81%.
