Aegon downgraded to Neutral from Buy at UBS

UBS downgraded Aegon to Neutral from Buy with a price target of EUR 6.65, up from EUR 6.30. The analyst sees a balanced risk/reward at current share levels. The company’s risks include its U.S. commercial real estate exposure, regulatory costs and U.S. GAAP earnings headwinds, the analyst tells investors in a research note. The firm also sees upside potential for Aegon’s U.S. asset de-risking and higher capital returns.