The stock market's strong rally from April's lows and the uncertainty around tariffs likely means limited upside for equities through the rest of this year, according to UBS.

"We still expect U.S. equities to rise over the next 12 months, but near-term gains this year are likely to be more limited," Ulrike Hoffmann-Burchardi, chief investment officer of

global equities at UBS Global Wealth Management, said in a Thursday client note. UBS has a S&P 500 target of 6,000 by year-end and of 6,400 by June 2026. For context, the S&P 500

was attempting a roughly 0.7% gain on Thursday, but at Wednesday's close it was still 4.2% below its record high of 6,144.15, reached on Feb. 19, 2025.