UBS S&P500 forecast is as high as 4700, base case

<p>A snippet projection from UBS on the benchmark S&amp;P500 index.</p><p>Analysts at the bank's base case forecast for the index is to 4,500 in December 2023 and then 4,700 in June 2024. Citing:</p><ul><li>second-quarter reporting season likely marked the trough in year-over-year earnings growth</li><li>guidance for the third quarter was positive</li><li>we expect S&amp;P 500 earnings per share to be flat in 2023 and rise 9% in 2024</li></ul><p>The forecast represents what UBS analysts call a "modestly higher profile for equities over the next six to 12 months".</p><ul><li>see a receding risk of a recession in the US</li><li>continue to favor equity market laggards whose valuations are lower and have scope to catch up</li></ul><p>—</p><p>That last bullet point is an interesting one. there are plenty of arguments to go with strong stocks, not laggards. An eternal argument that one. </p>

This article was written by Eamonn Sheridan at www.forexlive.com.