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Natixis: UBS upgrades to 'Buy'

( - UBS said on Friday that it has upgraded its rating on the Natixis share from "neutral" to "buy," notably as it believes that the Natixis share has an "attractive" valuation.

In a research note, the broker said that it is especially reassured by Natixis' cost trajectory following the appointment as CEO of Nicolas Namias, who said he considered the pace of spending as one of his priorities over the next ten months.

"We expect the new CEO to reinvigorate the equity story by announcing new cost measures as early as this November and broader strategic initiatives in June 2021," UBS says.

The analyst adds that the Natixis stock is currently trading at around six times its expected EPS for 2022, a level that it considers as too low in view of the group's business model, which is now very much oriented towards asset management.

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