EFTA Document EFTA01459057

Deutsche Bank Markets Research North America United States US Equity Insights 2016 S&P EPS growth to surge to 5%! Falling standards of excellence this cycle. Is there an objective passing grade? We reduce 2016E S&P EPS from $128 to $125. We're unsure of the tone of language appropriate to describe this reduction. Slashing or even cutting is too harsh as our new estimate is merely 2.5% lower. This trimming shouldn't surprise investors given recent commodity and currency markets. So is $