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UBS Equity Up On Broker Upgrade, Dealflow Expectations

FINANCIALS

UBS (UBSG SW) hit 16yr high on Friday on a broker upgrade driven by resurgent M&A expectations.


  • Revival of M&A seen powering both UBS’s wealth and investment banking division, driving meaningful equity upgrade. EPS has been downgraded meaningfully since results (FY24 EPS estimates roughly halved since early Feb, FY25 down a fifth)
  • UBS’s cash curve has generally tightened marginally over the last week or so, in line with financials peers as credit quality fears have failed to materialise across earnings season and issuance has met strong demand.
  • UBS’s AGM is 24-Apr but we’re not expecting any key newsflow until 1Q24 results on 7-May with sell-side updates likely to be published ahead of that.
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