MARKETS SPECTATOR: Benchmark bulls

UBS has increased its target price for Australia's benchmark index. And it's added Fortescue to its model portfolio, but dumped Commonwealth Bank.

UBS has upgraded its end-of-year S&P/ASX 200 target following an easing in global tail-risks and a moderately better cyclical picture. It lifted its target price to 5000 from 4800, which represents approximately 4.5 per cent upside from current market levels.

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