UBS targets for the S&P 500 are:
- 4100 for December 2023
- then to 4400 for June of 2024
UBS is looking for the numbers citing the economy being more resilient than anticipated. Say that Q2 should be the quarter when earnings growth bottoms.
- Profits for the S&P 500 could exceed estimates but still fall 3 to 5% from the previous year.
- profits could increas marginally if the energy sector were excluded
- Q3 guidance should also be favourable
- full-year 2023 & 2024 S&P 500 EPS estimates of $215 (-2% y/y) and $235 (+9% y/y) remain unchanged but UBS says there is more upside versus downside risks to these