(News Bulletin 247) – Jefferies downgrades its recommendation on UBS from ‘buy’ to ‘hold’, with a price target reduced from 24 to 20 Swiss francs, advising investors to prefer BNP Paribas (recommended to ‘buy’).
Returning to the acquisition of Credit Suisse by UBS, the broker believes that ‘the calculations of the transaction are convincing over three years’, but that ‘the risks and uncertainty are high over the next 12 months’.
“We need evidence that the restructuring is progressing, without harming the UBS franchise too much, to be confident in the potential for revaluation,” adds Jefferies in the summary of his research note.
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