The year-end S&P 500 forecast has been raised byDeutsche Bank

The firm sees the S&P 500 rising more than 3% by the end of the year.

The new target, at the top end of its range of 5,100-5,500, is around 4% higher than the index's last close of 5,303.27. Oppenheimer Asset Management had also predicted the index would end at 5,500. "We see the earnings cycle having plenty of legs," Deutsche Bank strategists led by Binky Chadha said in a note on Friday.