Stifel Nicolaus Chief Equity Strategist Barry Bannister, who went from being a bear to issuing the highest outlook for stocks, acknowledged the recent declines in the market.
"We went into the year with an 1,850 view, and here we are. We're at 1,850. So, we probably should've stopped with that," he said. "We jumped the gun, but it doesn't change the fact that things look very bullish. I expect a strong November/December rally and gains into 2015."
On CNBC's "Halftime Report," Bannister said the stock market from November to May—"historically, and especially in midterm years"—was 30 times more rewarding than from May to October.