UPDATE: Societe Generale Downgrades UBS to Hold on Valuation

Societe Generale downgraded 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.