UBS hikes its year-end S&P 500 target, says any pullback will lead to a new high by year-end

A Wall Street sign is pictured at the New York Stock exchange (NYSE) in New York, March 9, 2020.
Carlo Allegri | Reuters

The stock market still has upside after a dramatic bounce-back from 2020's pandemic sell-off and double-digit gains this year, according to UBS.