With the massive S&P 500 earnings beat, Q1 '21 annualized EPS is nearly $200. We raiseour S&P 500 price target for year-end to 4400, from 4250, on higher forecasted EPS of$206 for 2021 and $232 for 2022 (vs prior $188 and $218). With Q1 as a base,UBS forecasts strong GDP growth of >6% for the rest of this year and further strengthinto next year points to S&P forward EPS rising 17%+ into year end based on ourmodels. The ~6% price upside to 4400 assumes an 11%+ forward P/E contraction to19x as rates, inflation and policy uncertainty rise, earnings go above trend and taxes areincreased. Volatility from inflation/macro overhangs are likely to last through mid June(inflation prints, Fed meeting) upon which Q2 earnings should drive the S&P to a newhigh by mid Aug (15%+ beat), with taxes a headwind Sep-Oct.