The juggernaut of optimism unleashed by President Donald Trump’s presidency will continue to steamroll its way through the market, paving the way for stocks to carve out new highs and keep hungry bears at bay.

Wall Street is fairly upbeat on the positive impact of lower taxes and regulatory reforms promised by Trump, even if details remain murky. But despite the lack of clarity, enthusiasm for the president’s agenda has not waned with at least one prominent strategist suggesting that the so-called Trump rally is only beginning.

Binky Chadha, chief strategist at Deutsche Bank, predicted that stocks have much further to go on the back of proposed tax revisions with the S&P 500 poised to hit 2,600 by the end of the year.

He argues that the surge in stock prices after Nov. 8 is typical of the market’s behavior following a tight race, playing down the commonly held notion that expectations of pro-business policies had fueled much of the market’s gains in the wake of the U.S. presidential election.

“The case for U.S. equities is strong,” Chadha wrote in a report. “A V-shaped recovery in gross domestic product and earnings growth, unfolding for a year now, has further to go.”

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Other strategists were similarly ebullient.

The benefit of corporate tax cuts is expected to boost S&P 500’s earnings per share by $8, according to Dubravko Lakos-Bujas, head of U.S. equity strategy at J.P. Morgan Chase & Co.

On Thursday, Trump hinted during a meeting with airline industry executives that a big announcement on taxes could come in the next few weeks.

The White House has yet to outline the specific changes but Lakos-Bujas put forth the following assumptions:

J.P. Morgan Chase & Co.

Under this scenario, companies with large U.S. exposure, higher margins and low debt stand to gain the most whereas firms with high level of reliance on foreign-sourced parts and resources will suffer.

J.P. Morgan Chase & Co.

David Kostin, chief U.S. strategist at Goldman Sachs, projected adjusted earnings per share among S&P 500 companies will rise 5% to $123 this year. Firms with sizable overseas income such as Microsoft Corp. MSFT, -1.04% , General Electric Co. GE, +4.44% and Apple Inc. AAPL, -1.59% will likely get a boost from a proposed tax holiday on repatriated funds, he said.

Goldman Sachs

But for all the buoyant outlooks, voices of caution persist.

Jeffrey Saut, chief investment strategist at Raymond James, a bull among bulls, believes the current rally is near exhaustion and stocks won’t be able to push higher without a near-term correction. His colleague Andrew Adams earlier this week also warned of a possible selloff if Trump’s policies don’t make it out of the gate or get held up.

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Apart from politics, earnings will remain a main driver in the market next week with 54 S&P 500 companies slated to announce quarterly results, including American International Group Inc. AIG, -3.59% , PepsiCo Inc. PEP, -1.31% , Kraft Heinz Co. KHC, -2.29% , CBS Corp. US:CBS, and Cisco Systems Inc. CSCO, -0.12% .

To date, 67% of S&P 500 companies have turned in better-than-expected earnings per share and 52% of companies have reported sales above mean estimate, according to FactSet.