Analysts are calling for earnings growth in the S&P 500 to rebound to 185% in Q4 2009. While at first glance such a high growth rate appears unrealistic, there are three contributing factors that support the argument that the final growth rate for the quarter could be over 100%: 1) an easy comparison to unusually low earnings in Q4 2008, 2) a slowdown in downward revisions to estimates, and 3) the current valuation of the S&P 500 is in line with the recent historical average.