S&P 500 heading to 1,820: Laszlo Birinyi

There's a 51 percent chance that the S&P 500 will hit 1,820 by the end of January 2014, legendary investor Laszlo Birinyi said Friday.

"I think the one thing we're really missing is animal spirits, and we still haven't gotten to that phase of the market," he said, alluding to excessive euphoria that accompanies a bubble.

On CNBC's "Fast Money," the president of Birinyi Associates noted that new market highs aren't widely covered in the mainstream media.

"We still don't have a magazine with a bull on the cover," he said. "And again, the market hits a new high, it's on the back pages."

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Birinyi estimated that there was a 75 percent probability that the S&P would achieve his price target by March 31, 2014, with individual stocks leading the way.

"I don't know which ones will be the next ones to carry over," he said.

Birinyi did weigh in positively on three stocks: Priceline, Cummins and BP Prudhoe Bay Royalty Trust.

"I still think there's a lot of potential," he said of Priceline, adding that its foray into Europe would be another catalyst for the stock, which has topped $1,000 per share. "It also has the potential of splitting."

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Cummins, Birinyi added, had oversold on disappointing earnings results.

"The company's had a good run," he said. "We've had it for a long time, and we still like it."

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.