UBS: Credit Suisse raises its target price

(CercleFinance.com) - Credit Suisse reinstates its "outperform" rating on UBS shares, having increased its target price for them to 19.
5 Swiss francs from 18.5 Swiss francs, following the banking group's Q3 earnings report, which was 43% above the consensus.

Notwithstanding some seasonal slowdown in Q4, and given the better revenue and cost trends as well as the better-than-expected CET1 ratio, the broker has increased its 2022-23 EPS estimates by around 5%.

"We see the risk in the French tax verdict on 13 December as affordable (no downside risk to our buyback forecasts) with a catalyst from new financial targets due with FY21 results on 1 February 2022," it adds.


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