2016 year-end target: 2,200

2016 EPS forecast: $120

2015 year-end target: 2,200

Comment: "We expect modest gains for US large cap stocks in 2016: the likelihood of a recession in the next 12 months is low in our view, but valuations have normalized from previously low levels and narrowing returns are to be expected," wrote Savita Subramanian.

Source: Bank of America Merrill Lynch

2016 year-end target: 2,275

2016 EPS forecast: $126

2015 year-end target: 2,225

Comment: "Barring an unforeseen external shock or a recession, if earnings continue to improve, 2016 should be a positive year for US equities," Julian Emanuel wrote. "Regardless, we continue to expect further volatility – which in essence means higher risk, both upside and downside."

Source: UBS

2016 mid-year target: 2,200

2016 forecast: 6.8% growth

2015 year-end target: 2,225

Comment: "We think that we are at the later stages of the equity bull market and see increasing headwinds for equities related to valuations, an uncertain macro environment, bottom-up disruptions, weak earnings momentum, and falling market breadth," Andrew Garthwaite wrote.

Source: Credit Suisse

2016 year-end target: 2,200

2016 EPS forecast: 4% growth

2015 year-end target: 2,100

Comment: "Our macro narrative is simple, if obvious," Jonathan Glionna said. "We believe U.S. interest rates will go up leading to a stronger U.S. dollar. This should cause earnings per share growth and returns to remain subdued. We forecast 4% EPS growth and a 5% gain for the S&P 500."

Source: Barclays

2016 year-end target: 2,300

2016 EPS forecast: $128

2015 year-end target: 2,325

Comment: "2015 was marked by falling oil prices, a diminishing global growth outlook, and flat rates," Jonathan Golub wrote. "Our constructive 2016 outlook is predicated upon stabilizing commodity prices, and an incrementally higher dollar and rates. All of this should result in a substantially higher earnings trajectory as well as a modest re-rating of stocks."

Source: RBC Capital Markets

2016 year-end target: 2,100

2016 EPS forecast: $130

2015 year-end target: 2,250

Comment: "We believe the S&P 500 will likely suffer its first calendar year loss since 2008," wrote Brian Belski. "However, we continue to believe the longer-term outlook for US stocks remains bright, and we remain confident with our call that US stocks are in the midst of a secular bull market."

Source: BMO Capital Markets

2016 year-end target: 2,250-2,300

2016 EPS forecast: $125

2015 year-end target: 2,150

Comment: "We reduce 2016E S&P EPS from $128 to $125," wrote David Bianco. "We're unsure of the tone of language appropriate to describe this reduction. Slashing or even cutting is too harsh as our new estimate is merely 2.5% lower. This trimming shouldn't surprise investors given recent commodity and currency markets."

Source: Deutsche Bank

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