Barclays views limited upside for equities next year, sees S&P 500 hitting 4,800

Barclays sets a price target of 4,800 for the S&P 500 in 2022

That is their baseline scenario, accounting for the view that "household and corporate cash hoards should support modest earnings growth" although they outline the key risks to the outlook being "persistent supply chain woes, reversal of goods consumption to trend, and China hard-landing".