UBS Forecasts S&P 500 to Reach 5,200 in 2024 on AI Boost to Earnings, Sees Rate Cuts Coming
• UBS raises 2024 S&P 500 target to 5,200 citing AI investment and earnings • Sees 3 Fed rate cuts in 2024 with first in June • Expects consumer spending to stay resilient given healthy labor market • AI seen as game-changer for productivity and earnings growth • Warns some sentiment and positioning indicators look elevated, raising risks of a pullback