BNP Paribas Credit Strategists: Equities In A Bubble

Assuming the roaring bull in equities for almost 2 months now, and with a buying stampede not seen for decades, is this out of consensus view? Or just defending their own playground? BNP Paribas in its credit portfolio strategy research "Credit Driver" wrote today:

This may come as a shock to investors but despite a close to 50% drop in equity valuations, equities look not only rich but are significantly mispriced and are a bubble waiting to be pricked. Within this article, using several different measures and examples together with the broader macro picture, we show that going behind the numbers reveals a very different picture for equities compared to what the pundits continue to tout. On the other hand, equity analysts are ignoring the tremendous value embedded in investment grade credit, where we remain steadfastly bullish.

FT Alphaville features this report more in detail.
And here you may try to download the full report by BNP Paribas.