The S&P 500 (SPY) has another 15% upside this year, says Credit Suisse, lifting its year-end...
Jun 5 2013, 07:23 ET
The S&P 500 (SPY) has another 15% upside this year, says Credit Suisse, lifting its year-end target to 1,730 from 1,640, and putting in place a modest forecast of 1,900 for 2014. Stocks remain cheap on a relative basis and earnings revisions have turned positive for the first time in year are among the reasons. Most important is too much pessimism over tapering. Central banks are still going to be expanding balance sheets, says the team, noting it took markets several months to peak after QE1 and QE2 ended.