Deutsche Bank sees 'slightly above average year' ahead with most of the earnings comeback priced in

Traders work the floor of the New York Stock Exchange.

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Deutsche Bank is calling for a strong earnings comeback in 2021, which should lift the broader market to about an average gain since a lot of this recovery is expected.

The Wall Street firm just released its 2021 year end price target of 3,950, an 8% jump from Thursday's close. Deutsche Bank also raised its 2020 earnings estimate for the S&P 500 to $141 from $133 per share and its 2021 earnings estimate to $194 from $173 per share.

Deutsche Banks's 2021 earnings estimate implies earnings growth of 38% next year.

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