Analysts from UBS and Morgan Stanley have indicated a favorable macroeconomic backdrop for U.S. equities as the latest earnings season approaches. UBS described the outlook as 'constructive,' while Morgan Stanley emphasized that the stabilizing economy supports cyclical stocks. Goldman Sachs also expressed a positive stance, noting that equities could deliver attractive returns driven by earnings growth and valuation expansion, particularly highlighting structural growth opportunities in artificial intelligence and selective cyclical recovery. The overall sentiment among these financial institutions suggests a pro-risk approach towards equities over the next 12 months, despite the late-cycle environment.