UPDATE: Societe Generale Downgrades UBS to Hold on Valuation
Societe Generale downgraded UBS (NYSE: UBS) from Buy to Hold.
Societe Generale commented, "UBS has had a good run and now it has hit our target price of CHF16.0. To move up further, the stock would need support from a materially stronger improvement in wealth management offsetting the harsher-thanexpected revenue attrition in the investment bank or alternatively more aggressive guidance on the repayment date of excess capital. Neither of these is yet apparent."
UBS closed at $17.12 on Wednesday.
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