That implies a roughly over 6% upside from current levels. It doesn't sound like much but bear in mind that the case scenario likely factors in the more volatile moves that we'll be seeing throughout the year.
In any case, here are some forecasts for the S&P 500 from the other houses:
- Morgan Stanley - 4,400
- BofA - 4,600
- Barclays - 4,800
- UBS - 4,850
- JP Morgan - 5,050
- Goldman Sachs 5,100
- Deutsche - 5,250