David Bianco At Deutsche Bank Joins Bull Camp

While not exactly bearish, David Bianco from Deutsche Bank had a S&P 500 target for 2014 year-end at 1,850. He 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.