Swiss Life: UBS confirms 'buy' rating

(CercleFinance.com) - UBS has reaffirmed its "buy" recommendation on Swiss Life Holding, as well as its price target of CHF 577, a target that offers 4% upside potential for the Swiss life insurer's shares.


Commenting on the first-half results released the previous day, the broker highlighted the announcement of its share buyback program of CHF 300 million (1.8% of market capitalization), which in its view came ahead of schedule.

UBS notes, however, that the other elements of this publication were broadly in line with expectations, with earnings from fees and commissions below consensus, "due to a sluggish real estate market".

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