UBS Global Wealth Management has raised its forecast for the S&P 500 for the second time in two months, now expecting the benchmark index to reach 6,600 by the end of 2025, up from the 6,200 level it set in June. The firm’s strategists also lifted their mid-2026 projection to 6,800 from 6,500. The upgrade follows a stronger-than-expected second-quarter reporting season, with more than 80% of companies beating analyst earnings estimates, according to LSEG data. UBS increased its 2025 earnings-per-share estimate for the index to $270 from $265 and its 2026 projection to $290 from $285. Analysts at the Swiss bank said resilient corporate profits, easing trade frictions after the April tariff spike, and expectations that the Federal Reserve could begin lowering interest rates in 2026 underpin their revised outlook. Despite the higher targets, UBS maintained a neutral stance on U.S. equities, warning that valuations already discount considerable optimism and that near-term catalysts are limited.