David Bianco At Deutsche Bank Joins Bull Camp

While not exactly bearish, David Bianco from Deutsche Bank had an S&P 500 (NYSE: SPY) target for 2014 year-end at 1,850. Bianco raised his year end 2015 price target from 2000 to 2150, an increase of 7.5 percent. His new price targets and earnings multiples are below.

• 2014 S&P target – 2050, 17 PE
• 2015 S&P target – 2150, 17 PE
• 2016 S&P target – 2300 16-18 PE

Equates to roughly a 7 percent annualized gain going out to year end 2016. Below normal interest rate environment is supportive of an above normal multiple of 17.