UBS strategists project the S&P 500 to reach approximately 6,400 by the end of 2025, reflecting a 9% increase, with returns expected to be backloaded. They anticipate mild equity downturns in the first half of the year due to slowing US growth, but a favorable environment in the latter half as earnings estimates stabilize. Despite potential short-term underperformance, US stocks are expected to outperform European equities, which will in turn surpass emerging markets, with a focus on quality stocks over value.