“2025 earnings no longer look like $270. It looks more like $285. And as interest rates moved up, the PE should be higher. So let's say 20 is a more appropriate PE multiple or even 21. Then you get into the 5,800-ish level [for the S&P 500 at year-end 2024].”

The S&P 500 closed 2024 at 5,881.63, within about 1.4% of his upgraded 'about 5,800' call.