Morgan Stanley anticipates that S&P 500 earnings per share will come in at $185, compared with a median $206 prediction from strategists. Sheets’s team sees the gauge at 3,900 at year-end versus Friday’s close at 4,282.37. The benchmark is on the edge of a bull market following a 19.7% rally from an October low, gaining amid enthusiasm for artificial-intelligence stocks despite rate hikes from the Federal Reserve and concerns about a potential recession.