UBS Raises EM Equity Target to 1,680

UBS lifts its MSCI Emerging Markets index target to 1,680 for December 2026, citing AI leadership and commodity price gains.
The bank projects 33% earnings growth for EM equities in 2026, implying high‑single‑digit to low‑teens upside for investors.
UBS maintains view on mainland China tech and South Korea memory chips, expecting South Korea to drive two‑thirds of EM EPS growth.
UBS downgraded Indian equities to neutral, citing fuel price sensitivity and revised down GDP and EPS forecasts for the current fiscal year.