With global economic uncertainty elevated, it has gotten increasingly difficult to find a Wall Street strategist willing to make a call with any conviction
This morning, UBS's US Equity Strategy team led by Jonathan Golub published a report titled Cautious But Constructive. That's Wall Street-speak for "we kinda like stocks, but we're also scared to death of them."
His note included a bearish point, a somewhat bearish point, a bullish point, and lukewarm-ish bullish point.
The four bullet points from the cover of UBS's report:
- Expect Continued Near-Term Volatility
- Credit Shock Most Likely Avoided
- U.S. Fundamentals Remain Solid
- UBS Economic Insights Support Our Constructive View
As you can see, there's not a whole lot of conviction.
It's worth noting that Golub's team sees the S&P 500 ending the year at 1,475.
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