UBS: share boosted by broker upgrades
(CercleFinance.com) - On Monday, UBS shares were the biggest winners on the Zurich Stock Exchange's SMI index, as RBC upgraded its rating on the grounds that the "fog has lifted" around the Swiss bank.
Shortly before 10 a.m., the Swiss financial services group's share price was up 0.8%, about 1% above the sluggist SMI (-0.2%).
In its morning comments, Royal Bank of Canada upgraded the stock to "outperform" from "sector perform", hugely raising its corresponding target price from 20 CHF to 30 CHF.
Analysts say that they now have more visibility on a number of issues, and are reassured by what they are seeing, looking forward to the next strategy meeting, held in February.
RBC says that any short-term weakness in the stock would be a buy opportunity for investors, given UBS' houdini nature.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Shortly before 10 a.m., the Swiss financial services group's share price was up 0.8%, about 1% above the sluggist SMI (-0.2%).
In its morning comments, Royal Bank of Canada upgraded the stock to "outperform" from "sector perform", hugely raising its corresponding target price from 20 CHF to 30 CHF.
Analysts say that they now have more visibility on a number of issues, and are reassured by what they are seeing, looking forward to the next strategy meeting, held in February.
RBC says that any short-term weakness in the stock would be a buy opportunity for investors, given UBS' houdini nature.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.