UPDATE: Deutsche Bank Upgrades UBS AG to Hold

Deutsche Bank has published a research report on UBS AG UBS and has upgraded the company from Sell to Hold after the company's 1Q earnings report. In the report, Deutsche Bank writes, "Our Sell recommendation on UBS had been predicated on lost market share in the investment bank and weak gross revenue margins in the asset gathering operations. We continue to see the investment bank as losing share after Q1, but the asset gathering businesses beat our expectations. We upgrade our target price to CHF 12, and see little catalyst for the stock either way. We upgrade from Sell to Hold." Deutsche Bank has raised the price target from $11 to $12 on UBS AG, which is currently trading up $0.25 from yesterday's $12.67 closing price.