BofA analyst Alastair Ryan upgraded UBS (UBS) to Buy from Neutral with a price target of CHF 23, up from CHF 21. The analyst says the logic of the Credit Suisse (CS) buyout is "impeccable" and that cost synergies could be "substantial." The deal will enhance the scale of the business in the domestic Swiss operations and will give UBS a smaller relative investment bank balance sheet, which could help to drive re-rating of the shares, the analyst tells investors in a research note.
Published first on TheFly
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