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UBS lifts S&P 500 year-end target to 5,400

Published 02/20/2024, 08:38 PM
Updated 02/20/2024, 08:38 PM
© Reuters.

UBS strategists raised the 2024 target price for the S&P 500 again, saying their last hike to 5,150 was “not bullish enough.”

On Tuesday, the broker lifted the target for the equity index further to 5,400, implying roughly 8% upside through year-end and marking a new Street high.

As for the specific sectors, the strategists said Health Care remains their preferred choice within defensive investments, yet they highlight a more significant potential in cyclical sectors due to ongoing economic resilience.

In addition, the financial sector stands to gain from increasing interest rates, a possible rebound in mergers and acquisitions (M&A) activity, and relaxed lending criteria, the team added.

Moreover, UBS also revised its 2024-2025 earnings outlook.

“We are also increasing our 2024-25 EPS estimates from $235 to $240, and $250 to $255, implying 9.1% and 6.3% growth over the next 2 years (vs. consensus estimates of 10.5% and 13.2%).”

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