Morgan Stanley analyst Giulia Aurora Miotto assumed coverage of UBS with an Equal Weight rating and price target of CHF 26, up from CHF 25. UBS “looks cheap,” and there is a clear path to value creation in cost cutting, non-core deleveraging, legacy litigation resolution, and funding optimization, the analyst tells investors in a research note. However, the firm sees the Credit Suisse merger is “complex and will take time to show benefits.”
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