Morgan Stanley analyst Giulia Aurora Miotto upgraded UBS to Overweight from Equal Weight with a price target of CHF 33, up from CHF 29. The analyst says 2024 and 2025 will be transitional years as UBS executes on the merger with Credit Suisse. However, the firm’s analysis suggests that cyclically “the stars are aligned” for investment banking and wealth management to outperform, leading UBS to beat rebased estimates.
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