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Swiss Life: UBS upgrades to buy

( - On Thursday UBS upgraded its "neutral" rating on the share of the Swiss life insurer Swiss Life to "buy", considering that its current valuation represents an "attractive entry point".

In its comments, the broker believes that the balance sheet resilience of the Swiss group, the quality of its results and the prospect of an improvement in its performance argue in favour of a revaluation of its share.

UBS - which notes that the share is currently trading at a P/E of around 9x - believes that Swiss Life could trade at around 13.5x its earnings if the targets are achieved by 2021 - this represents a premium of around 50% compared to the share's current price.

This explains why the broker has raised its target price from 370 Swiss francs to 440 Swiss francs (21% upside potential).

The Swiss Life share is currently up over 1% in mid-morning trading in Zurich.

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