Wall Street strategists are not the only market watchers warming to the notion that higher valuations may be justified in the modern stock market. Photo by AP Photo/Julia Demaree Nikhinson/Postmedia files

Equity valuations have soared into the stratosphere of late, drawing the ire of market skeptics who warn that now’s not the time to buy.

Yet shunning stocks because they appear expensive is a strategy that hasn’t stood the test of time, undermining the utility of relying on classic valuation metrics as market-timing tools.

And now a growing number of Wall Street analysts are advising that it may be time to forget what you thought you knew about price-to-earnings ratios , particularly with the average multiple steadily pushing higher over the course of decades.

Take, for examp

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