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All but two of the major Wall Street firms surveyed by Bloomberg have provided their 2011 S&P 500 price targets. And so far, every single strategist has provided a year-end (2011) price target that is higher than the S&P 500's current level. The consensus year-end estimate currently stands at 1,369.55, which represents a gain of just over 10% from where the S&P is currently trading.
As shown below, Deutsche Bank has the highest 2011 year-end price target at 1,550. At 1,550, the S&P would be just 16 points below its all-time high reached in October 2007. A return to new all-time highs by 2011 would be quite the comeback for the market. Goldman Sachs has the second highest price target at 1,450, which is 100 points below Deutsche Bank's target. A move to 1,450 would be a gain of 17.39% from current levels. JP Morgan, Barclays, and Bank of America all see the S&P rising to 1,400 or higher next year.
Credit Suisse currently has the lowest 2011 year-end price target at 1,250, which is just 1.20% higher than where the index is trading now. Citigroup and the Bank of Montreal are both at 1,300, HSBC is at 1,320, and UBS and Oppenheimer are both at 1,325.
At the start of 2010, the consensus year-end price target was 1,224.62 for the S&P 500, which is just 10 points below where the index is currently trading. Barring a big move higher or lower in the last two weeks of the year, the strategists collectively will have been pretty good prognosticators in 2010. Don't hold your breath for a repeat performance, however.
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