BlackRock Vice Chairman Bob Doll tells CNBC that, while the economy isn’t good, “some [analysts] have gone too far to the negative side,” and says that those analysts who have estimated $40 in per-share S&P 500 earnings for 2009 “are going to have to raise their numbers.”

“Two months ago, it looked like a black hole,” Doll said. “Now, we have a much more balanced picture.”

Doll says that cost-cutting measures have helped with profits, but acknowledges that sales must eventually grow to keep things going. “Eventually, yes, we will have to grow the topline. But that will come with the massive stimulus and the exhaustion of, the reduction of, inventories,” he said.

As for the market, Doll says he believes “we’re in the end of [the] bottoming process.” He wouldn’t be surprised to see stocks give back about half of the 30% they’ve gained in the recent surge, but he also thinks plenty of investors are waiting with cash on the sidelines and will jump in if such a drop occurs.