Bullish strategist Jonathan Golub explains why he raised his S&P 500 target to 2,600

  • Bullish strategist Jonathan Golub disagrees with Bill Gross' warning on financial markets.
  • Earnings, Golub says, is what's primarily driving markets, not low interest rates.

Bond guru Bill Gross thinks all financial markets are increasingly at risk because of a disparity between markets and the real economy, but one of the biggest bulls on Wall Street doesn't necessarily see it that way.

Jonathan Golub, chief U.S. market strategist at RBC Capital Markets, explained to CNBC's Power Lunch on Tuesday that he thinks earnings are primarily driving markets.

"You're looking at something like 12 percent kind of returns for the next year on stocks, and it has nothing to do with free money…it's simple math," Golub said, referring to low interest rates set by central banks.

Golub has upped his call on the S&P 500 to 2,600 from 2,500, representing 7 percent upside from Friday's close.

On the other hand, Janus Henderson's Gross said in his June investment outlook that he believes there's a disconnect between financial markets and real global economic growth that's been exacerbated by central banks' easy money policy.

"All markets are increasingly at risk," Gross said.

Golub, meanwhile, said he doesn't think that artificially low interest rates boost earnings.

"When you have artificially low interest rates, the first thing you do is fry the banking sector and make it very difficult for them to lend profitably. So that hurts bank profitability by having artificially low interest rates," Golub said on Power Lunch.