UBS surveyed its analysts for stocks with attractive upside vs. downside in volatile markets.

"We've focused on stocks where we believe our analysts have a truly differentiated view vs. consensus, and where we have interesting or proprietary data sources (from UBS Evidence Lab or elsewhere)," strategist Keith Parker wrote in a note. "From a strategy perspective, we've found that risk/reward is attractive when this much recession risk is priced (>80pctl) but as we move later cycle, avoiding the biggest underperformers becomes even more important for portfolio returns."

"Indeed, our analysts have identified opportunities with attractive upside vs downside skew in these volatile markets."

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