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UBS: Jefferies maintains buy rating after results

( - The analyst believes that UBS reported a good set of results, beating expectations by about 20%, in particular thanks to strong IB revenues.

Jefferies confirms its buy rating on the stock with a target price of 22 Swiss francs.

Net income came in at 2,136 million dollars (+17% y-o-y), i.e. diluted EPS of 0.61 dollar.

Profitability exceeded the target and organic growth continued, driven by the Americas (which more than offset the slowdown in APAC). Meanwhile, the bank has reduced its exposure to Russia analysts summarised.

The market seems to agree, with the share currently up over 2.7%, outperforming the flattish Swiss market by about 2.5%.

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