From Tony Dwyer in Marketwatch article

Dwyer, who on March 16 “suspended’ his 3,440 target for the S&P 500 on Monday set a 12-to-18-month target for the large-cap index at 3,000 — around 2.4% above its level from Monday’s close. That reflects his forecast for 2021 earnings per share of $150 and a price-to-earnings ratio of 20.