As previously reported, Citi analyst Andrew Coombs downgraded UBS to Neutral from Buy with a CHF 27 price target. Following the “sharp rally” in shares, which are up 42% over the past year, the firm contends that “one really has to now look out beyond 2206 to try to justify the current multiple.” Swiss authorities’ new capital proposals add greater uncertainty on capital return, while the current multiple “now gives little buffer for execution risk” related to the integration of Credit Suisse, the analyst added.
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Read More on UBS:
- UBS price target lowered to CHF 31 from CHF 33 at Morgan Stanley
- UBS downgraded to Neutral from Outperform at Exane BNP Paribas
- Five waves of UBS layoffs to start in June, Reuters reports
- UBS Announces More Layoffs as Credit Suisse Integration Continues
- UBS planning another round of job cuts, Bloomberg reports
