Credit Suisse has the first 'correction' call...for 2015

Adam Jeffery | CNBC

Credit Suisse has entered Wall Street's correction derby, but in a way different from its peers.

In a somewhat peculiar good news-bad news scenario, the firm's bad news is that a correction—of sorts—is coming for the stock market. The good news is that it won't happen until 2015, and probably later in the year. It's the first correction call for next year.

A note the firm's strategy team sent out Wednesday morning outlines a scenario that overall is fairly bullish—the year-end forecast for 2014 is now 2,050 for the S&P 500, up slightly from 2,020, and the 2015 target is 2,100.

However, that 2015 level is expected to close off from a high of 2,200 that the market will hit in midyear.