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In its latest client note, the analysts at UBS predict the S&P 500 index to rally 11% by the end of this year to reach 3150 levels.

Key quotes

“Central intervention since the coronavirus pandemic outbreak started

If some combination of testing, tracking, and treatments enables a sustainable end to lockdowns, the massive monetary and fiscal stimulus rolled out over recent months could lead to recovery to pre-crisis output by the end of 2021.

Over recent weeks, a path to our upside scenario, in which we see a sustained return to normality from June, has emerged.

Although, an easing of lockdowns might trigger a second wave of coronavirus infections.”