Wall Street has its first 2019 stock market projection. And things are looking very bullish to Credit Suisse.
Chief equity strategist Jonathan Golub told clients in a note published Tuesday that he expects the S&P 500 to rocket past his 2018 target of 3,000 points all the way to 3,350 points by December 2019. That's more than 15 percent upside from current levels and more than 11 percent from his December 2018 target.
"Our 2019 price target of 3,350 implies an 11.4 percent annualized advance over the next 16 months," Golub wrote.
But unlike this year, strong earnings won't be driving the gains. He points to multiple expansion, as investors grow more willing to pay premiums for top stocks like technology companies and consumer names.