Deutsche Bank’s David Bianco just unveiled its targets for the S&P 500 through 2015, joining peers David Kostin of Goldman Sachs and Andrew Garthwaite of Credit Suisse who also recently published their long-term targets on the S&P 500.
“We introduce a 2014 end target of 1850 and a 2015 end target of 2000 as the S&P PE climbs from about 15x today to 16x or higher,” wrote Bianco in a new note to clients.
That may sound bullish, but those numbers are actually relatively cautious. Garthwaite sees the S&P at 1,900 by the end of next year. Kostin sees it at 2,100 by the end of 2015.
Indeed, Bianco’s short-term, tactical forecast calls for the S&P to fall 5%.