UBS Raises Target, Says Demand-Driven Inflation Good for Stocks

• UBS raised its S&P 500 year-end target for the second time in little over a month, from 5,100 to 5,400.
• It argues that hot inflation driven by strong demand is actually positive for stocks.
• The new target, which is roughly 9% above current levels, is the highest on Wall Street.

UBS has joined the club of firms raising their S&P 500 targets, now forecasting the benchmark index will reach 5,400 by year-end. It’s the most bullish forecast y