UBS: stock rises on Berenberg upgrade
(CercleFinance.com) - UBS shares are up nearly 1% after Berenberg upgraded the stock from "hold" to "buy," on the premises that the Swiss private bank looks well placed to outperform.
"While UBS outperformed peers in 2020, we still think there is scope for this outperformance to continue as its low-credit-risk balance sheet and loan book supports lower-than-peer loan losses," Berenberg analysts said in their comments.
"Its capital return prospects are also much more appealing than peers," they added.
As such, the German broker raised its target price for UBS from 12 Swiss francs to 15.50 Swiss francs.
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