UBS: Jefferies downgrades stock

(CercleFinance.com) - Jefferies has downgraded UBS shres from "buy" to "hold", reducing its target price for them from 24 to 20 Swiss francs, recommending investors to prefer BNP Paribas ("buy" rating).


Looking back at UBS' acquisition of Credit Suisse, the broker said the "Deal maths are compelling on a three-year view", but that "risks & uncertainty are high in the next 12 months".

"We need evidence that restructuring progresses, without hurting UBS' franchise much, to get confidence in the re-rating potential," Jefferies summarises.


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