Key Ratio Points To 15% S&P Upside, One Bank Says

January's stock swoon isn't out of sync with fundamentals and played out largely as expected considering the tightening impulse in financial conditions, signs of slowing growth and the read-through from the Omicron wave. That was one takeaway from a strategy update out of UBS, whose Keith Parker and Alastair Pinder assessed the situation in US equities after the worst start to a year in history. By now, most readers have seen the chart (below), but it'll surely come up again over the next seve

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