We raise our year-end targets to 2,250 and 3,100 for the S&P 500 and Euro Stoxx 50 from 2,100 and 2,950, and introduce mid-2017 targets of 2,300 and 3,200. We would, however, anticipate a sell-off in equity markets in the second half of 2017. We stick to our benchmark weighting of equities.
Full note attached