2023 Mid-Year: Raising S&P 500 YE Target to 4,825 from 4,750, implies at least +8% in 2H (maybe more). P/E ex-FAANG is only 0.7X higher to 16.4X, hardly demanding. Array ( [cookie] => ca8918-ab4b66-ceff54-45689b-668291 [current_usage] => 2 [max_usage] => 2 [current_usage_crypto] => 1 [max_usage_crypto] => 1 [lock] => 1 [message] => [error] => [active_member] => 1 [subscriber] => 0 [role] => fsi_macro [visitor_id] => 567897 [reason] => [method] => ) 1

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