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UBS: Credit Suisse confirms its recommendation on the stock

(CercleFinance.com) - The Paris Court of Appeal has ordered UBS to pay a penalty of 1.
8 billion euros, including a fine of 3.75 million euros, a confiscation order of 1.0 billion euros and 0.8 billion euros in civil damages.

"This is less than the E4.5bn (E3.7bn fine plus E0.8bn damages) verdict of the lower court, and less than the E3.0bn total penalty requested at the conclusion of the current trial," Credit Suisse points out.

The analyst sees the removal of uncertainty as a positive catalyst, as it will enable UBS to provide more clarity when the group provides its strategic update on 1 February.

" At this stage we are modelling that UBS will raise its provision to E1.8bn in 4Q21 (not tax deductible), which leads us to reduce our FY21 EPS estimate by 10% to $1.75," Credit Suisse added.

It therefore confirms its buy recommendation on the share, sticking to a target price of 19.50 euros.



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