UBS: shares fall for second day after profit warning
(CercleFinance.com) - UBS shares fell for a second day in a row on Thursday, after the Swiss bank's profit warning for the first quarter yesterday.
Analysts at Barclays - who have an "underweight" rating on the stock - said they have cut their earnings estimates for the bank by between 7% and 11% through to 2021.
Their previous estimates were already far below the consensus.
"The new guidance for investment bank revenues was materially below our estimates, along with the global wealth management revenue indication, with a partial offset from lower costs," Barclays said.
Analysts have also reduced their target price for the share from 13.5 Swiss francs to 12.5 Swiss francs.
The UBS shares are currently down 2.1% at 12.1 Swiss francs, after falling 2.4% on Wednesday.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Analysts at Barclays - who have an "underweight" rating on the stock - said they have cut their earnings estimates for the bank by between 7% and 11% through to 2021.
Their previous estimates were already far below the consensus.
"The new guidance for investment bank revenues was materially below our estimates, along with the global wealth management revenue indication, with a partial offset from lower costs," Barclays said.
Analysts have also reduced their target price for the share from 13.5 Swiss francs to 12.5 Swiss francs.
The UBS shares are currently down 2.1% at 12.1 Swiss francs, after falling 2.4% on Wednesday.
Copyright (c) 2019 CercleFinance.com. All rights reserved.