UPDATE: Societe Generale Downgrades UBS to Sell on Uncertainty of Future Revenue Streams

In a report published on Tuesday, Societe Generale analyst Dominio Watt downgraded UBS

to Sell based on uncertainty of the investment bank exiting fixed income, commodities and currencies (FICC). In the report, Watt stated, "When UBS announced its accelerated strategy in October 2012 we increased our target price despite a sharp cut to the EPS outlook, because we expected a significant return of capital to shareholders over time and a reduction in the cost of equity by 1%. This view has been shared by the market, which is now ascribing a significant premium to UBS expecting the bank to become almost a pure wealth and asset manager." UBS currently trades at $17.85, down .67 percent from its previous close.