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UBS strategists, including Jonathan Golub, have left the bank, as reported by Bloomberg News. The news was published on February 20, 2025, at 18:20 UTC. It is important to note that Reuters has not verified this story and does not vouch for its accuracy.
Jonathan Golub, chief US equity strategist at UBS Securities LLC, along with senior equity strategist Patrick Palfrey and several team members, has departed from the bank. UBS declined to comment on the situation, and both Golub and Palfrey have not provided further details regarding their exits.
Jonathan Golub, chief US equity strategist at UBS Securities LLC, and senior equity strategist Patrick Palfrey have departed from the firm along with several team members. Golub re-joined UBS in 2023 following its acquisition of Credit Suisse, where he had previously served as equities chief. The UBS US equity strategy team, under Golub, had been bullish on American equities but underestimated the rally's strength, adjusting their S&P 500 Index price targets multiple times.
The six largest companies in the S&P 500—Apple, Amazon, Alphabet, Meta Platforms, Microsoft, and Nvidia—are currently valued more affordably than the broader market, according to UBS. Despite their significant market share, their valuation multiples have increased more slowly, with profits expected to rise by 19.1% in 2025, outpacing the market's anticipated 10.8% growth. This trend highlights their potential as attractive investment opportunities as earnings expectations continue to improve.
UBS analysis reveals that the six largest companies in the S&P 500—Apple, Amazon, Alphabet, Meta Platforms, Microsoft, and Nvidia—are trading at cheaper valuations compared to the broader market. Despite their significant market share, their valuation multiples have increased more slowly, with profits expected to rise by 19.1% in 2025, outpacing the market's 10.8% growth. This trend highlights their potential as attractive investment opportunities as earnings expectations for these firms continue to improve.
UBS analysts assert that the current high stock valuations, with the S&P 500's forward price-to-earnings ratio at 22.2x, are justified due to the tech sector's growing dominance and improved cash flows. They predict that these valuations will continue to rise in 2025, supported by lower capital costs and contained recession risks. The S&P 500 has surged 28% in 2024, driven by a booming tech sector and optimism following Donald Trump's reelection.
UBS analysts argue that the S&P 500's high forward price-to-earnings ratio of 22.2x is justified, citing the tech sector's growing dominance and improved cash flows. They predict that valuations will continue to rise in 2025, supported by lower capital costs and contained recession risks, as the index has surged 28% in 2024 amid a strong economy and favorable political conditions.
UBS analysts assert that the current high stock valuations, with the S&P 500's forward price-to-earnings ratio at 22.2x, are justified due to the tech sector's growing dominance and improved cash flows. They predict that these valuations will continue to rise in 2025, supported by lower capital costs and contained recession risks. The ongoing bull rally, fueled by tech growth and economic stability, has seen the S&P 500 increase by 28% in 2024.
Prominent Wall Street strategists are forecasting average stock market returns for 2025, with Goldman Sachs predicting the S&P 500 will reach 6,500, reflecting an 11% price gain. UBS anticipates a slightly lower target of 6,400, while BMO sees it at 6,700, indicating a cooling from recent impressive gains. Analysts suggest that after a strong rally, a period of slower growth may be expected as earnings estimates adjust.
UBS's chief US equity strategist, Jonathan Golub, maintains a bullish outlook on the market, adjusting year-end S&P 500 targets to 5850 and 6400, supported by anticipated rate cuts and improved financial conditions. Among the recommended stocks is Allegro MicroSystems, a fabless semiconductor company specializing in integrated circuits for automotive and industrial applications, boasting over 10,000 enterprise customers and more than 650 US patents.
Jonathan Golub
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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