UBS have raised their year-end forecast target for the S&P 500 this year to 5150.

Analysts at the firm were previously projecting 4850.

UBS cites

  • the Federal Open Market Committee (FOMC)'s "recent pivot"
  • the subsequent decline in rate expectations
  • above-trend 2024 EPS revision
  • “While earnings should drive 2024 returns, falling interest rates should support incrementally higher multiples.”
UBS