UBS has raised its 2025 S&P 500 price target to 6,400, an 8% increase from the previous forecast, while adjusting the 2024 target to 5,850. The bank anticipates a 9.2% rise in the index over the next 15 months, driven by earnings growth and favorable economic conditions, alongside a forecasted nominal GDP expansion of 3.7% in 2025. Key factors for this growth include stable margins, lower interest rates, and increased buybacks, although inflation risks could impact the outlook.