UBS targets S&P 500 to 4,400 in 12 months
<p>UBS targets for the S&P 500 are:</p><ul><li>4100 for December 2023</li><li>then to 4400 for June of 2024</li></ul><p>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. </p><ul><li>Profits for the S&P 500 could exceed estimates but still fall 3 to 5% from the previous year.</li><li>profits could increas marginally if the energy sector were excluded</li><li>Q3 guidance should also be favourable</li><li>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</li></ul>
This article was written by Eamonn Sheridan at www.forexlive.com.
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