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UBS Global Research Increases Year-End S&P 500 Target to 5,150

UBS Global Research has raised its year-end target for the S&P 500 to 5,150, which is the highest projection among major global banks. This indicates a potential 8% upside from current levels, a significant increase from their earlier expectation of the index ending the year at 4,850. UBS’ bullish view on the benchmark index is supported by several factors, including growing bets of the U.S. Federal Reserve cutting interest rates this year, a decline in inflation, and resilient earnings expectations.

In addition to these factors, UBS also expects a modest 6.3% growth in earnings of S&P 500 companies this year, which is below the consensus estimate of 11.4%. The bank’s strategists believe that while earnings will be a key driver for 2024 returns, falling interest rates should support incrementally higher multiples for the index.

The S&P 500 ended last year with an impressive annual gain of more than 24%, and it closed slightly higher on Friday at 4,783.83 points. This upward trend in the index reflects the overall positive sentiment in the market.

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