UPDATE: Barclays Upgrades UBS to Overweight on Turnaround

Barclays raised its rating on UBS

from Underweight to Overweight. Barclays said, "UBS has caught the headlines over the past week with major strategy changes and restructuring efforts. It is downsizing its troubled investment bank by two thirds, and refocusing on its much more successful wealth management activities and on returning capital to shareholders. It is a big change and it prompts a big change in our view too, from Underweight to Overweight. UBS's new business model should be able to generate near-20% RoTEs and, we believe, justify a price/book multiple up to 1.5-2x." UBS closed at $15.25 on Monday.