New highs for the S&P 500 and Dow Jones Industrial Average are coming into view, but it could take some time before the indices actually get there, analyst Laszlo Birinyi told CNBC on Monday.
"When you have market that started the way this did, consolidated very nicely, and now all of a sudden you're at the exuberant phase, I'm very confident saying that at some point this year 1,600 (on the S&P) is at least a 50 percent probability," Birinyi told "Squawk on the Street."
But first, the S&P 500 may consolidate around the 1,500 level, he said.