EPS17E/EPS18E +4%, target raised to CHF16.5
UBS (Neutral, TP CHF16.5 from CHF15.8) Investment catalyst: UBS reported Q4 2016 net profit of CHF738m versus consensus of CHF230m and our estimates of CHF360m. […]
UBS
Higher capital ratios, weaker P&L
Swiss banks Higher capital ratios, weaker P&L SNB (Swiss National Bank) published its Financial Stability Report 2016, please find the attached link. Key points: Over […]
UBS (Sell, TP CHF17 from CHF19)
EPS momentum still weak We cut our EPS 2016-17E by 10%, leading us to reduce our target price from CHF19 to CHF17 based on FY […]
UBS (Neutral, TP CHF19)
EPS momentum still weak UBS reported Q415 net profit of ChF949m vs consensus of ChF911m and our estimates of ChF820m. There was a ChF515m positive […]
European investment banks
Update following JP Morgan results (Click for full report) While JP Morgan reported better-than-expected EPS, investment banking revenues are once again under pressure both QOQ […]
UBS (Neutral, TP CHF19.6)
Low quality results helped by one-offs UBS reported Q3 net income CHF2.07bn versus consensus of CHF1.73bn and my estimate of CHF1,6bn. There were the following […]
Credit Suisse (BUY, TP CHF32.7) / UBS (Neutral, TP CHF19.6)
Credit Suisse: Private placement closed, EPS 15-17E -4% UBS: EPS 2015E-17E -6% Credit Suisse has priced its private placement of 58m new registered shares (without […]
CHF0.25 supplementary dividend announced
UBS (Neutral, TP CHF20.8) UBS AG and UBS Group AG announced on 19 August 2015 the successful completion of a procedure under article 33 of the […]
Low quality results boosted by one-offs
UBS (Neutral, TP CHF20.8 (<img class=”alignnone size-full wp-image-128″ src=”http://hammer-partners.com/wp-content/uploads/2014/12/arrow-single-up-green.png” alt=”arrow-single-up-green” width=”10″ height=”10″ /> CHF17.5) Update following Monday 27 July’s Q2 2015 pre-announcement: UBS reported Q2 2015 net profit […]
Positive read across from JPM Q2 2015
European Investment Banks J.P. Morgan reports quarterly earnings of $1.54 a share, versus analyst estimates of $1.44 a share. As far as CIB division net […]
TLAC buffers
Credit Suisse (BUY, TP CHF31.0), UBS (Neutral, CHF17.5) In a submission to the U.S. Federal Reserve about how it would shut down its business in […]
Low-quality results helped by trading gain, FICC
UBS (Neutral from BUY, TP CHF17.5) UBS reported Q115 net profit of ChF1,9bn from ChF858m in Q414 versus our estimate of ChF1,3bn and consensus of […]