(News Bulletin 247) – UBS reaffirms its ‘buy’ recommendation on Swiss Life Holding, as well as its target price of 577 Swiss francs, a target that conceals a potential upside of 4% for the title of the Swiss insurance company -life.
Returning to the first half results unveiled the day before, the broker highlights the announcement of its share buyback program of up to 300 million Swiss francs (1.8% of market capitalization), which according to him intervenes earlier than expected.
UBS notes, however, that the other elements of this publication were broadly in line with expectations, with a result related to fees and commissions below consensus, ‘due to a sluggish real estate market’.
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