UBS Raises FTSE 100 Target to 11,000

UBS raised its December 2026 FTSE 100 target to 11,000 from 10,500, citing stronger earnings outlook.
UBS lifted its UK equities earnings growth forecast to 11% for 2026, up from 5%, driven by higher energy sector earnings.
The FTSE 100 trades at 13.2x forward P/E, above its 1990 median of 12.8x, with ten stocks delivering over 75% of returns.
UBS notes limited UK upside versus global markets due to low exposure to AI, power, longevity and defence themes, favoring cyclical sectors.