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Corporate profits to rise 32% in coming year?

Bloomberg today is reporting that equity analysts (collectively) are estimating that profits on the S&P 500 companies will rise 32% over the next year (which data point I've added to the above chart). That would put profits at $85.96/share, just shy of the record $89.93/share registered in September 2007. That adds up to a pretty significant V-shaped recovery I'd say, and it also says that stocks are not expensive at all at current levels.

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