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Impact of Trump corporate tax cut could be 'gigantic,' says UBS' Vinay Pande

Markets aren't pricing in gains from a promised corporate tax cut by President Donald Trump, according to UBS managing director and head CIO of short-term investment opportunities, Vinay Pande.

And that could mean some stocks are set for outsized gains.

"I think that there are clear signs that this administration is looking to cut corporate taxes, if not this year, then later in the year, or early next year," Pande told CNBC's "Street Signs."

"Bottom up analysts have not forecasted any gains from tax cuts. And those gains could be substantial, whether they're this year or early next year, he said. "Every 5 percentage points net cut in the corporate tax rate translates into 4 percentage point increases in earnings per share growth. These are very big numbers, gigantic numbers."