The logo of UBS is seen prior to a press conference of the Swiss bank after the takeover of Credit Suisse, in Zurich, Switzerland, August 31, 2023.
"The improving profit picture is one of the key reasons that we think the market can hold on to its year-to-date gains," he said, citing the nearly 20% gain in the S&P 500 for the year to date.
UBS expects the S&P 500 end the year at 4,500, up around 1% from its trading price Wednesday, and reach 4,700 by June.
Overall, profit expectations for the median company in the S&P 500 are up 5.6% since July 2022, UBS said, while estimates are at or above all-time highs in every sector but energy, healthcare, and materials.
Reporting by David RandallOur Standards: The Thomson Reuters Trust Principles.
Persons:
Denis Balibouse, David Lefkowitz, David Randall
Organizations:
UBS, Credit Suisse, REUTERS, UBS Financial Services, Thomson
Locations:
Swiss, Zurich, Switzerland, U.S