UBS analyst Karl Keirstead downgraded Adobe Inc to Neutral from Buy with a price target of $575, down from $635. The price target implies a 3.79 percent upside. UBS rerated on concerns that tech spending was pulled forward in 2020 and 2021 and that this phenomenon will pressure Adobe’s growth rate in 2022. After speaking with 14 large enterprises, IT…
UBS Downgrades Salesforce.com to Neutral; Slashes Price Target by 16 Percent
UBS analyst Karl Keirstead downgraded Salesforce.com Inc. to Neutral from Buy with a price target of $265, down from $315. The price target implies an upside of 6.7 percent. After speaking to large enterprise IT executives and services partners of Salesforce, the analyst is concerned that more “front-office/sales and marketing” technology spend was pulled forward in 2020 and 2021…
Nvidia Features as Top Pick By UBS
UBS named chipmaker Nvidia Corporation (NASDAQ:NVDA) a “top pick,” citing its “wide moats” in the sector. Plus, the company is enjoying tailwinds from Micron Technology Inc’s (NASDAQ:MU) upbeat quarterly report, with officials noting they expect the chip shortage to ease over the coming year. Analyst Timothy Arcuri believes that Nvidia will likely benefit from building more “stable” revenue sources around its GPU…
UBS Sees Cloud Growth Reacceleration to Lead to SAP’s Re-rating
UBS analyst Michael Briest upgraded SAP SE to Buy from Neutral with a price target of EUR 147, up from EUR 130, implying an 8.6 percent upside. The analyst believes a reacceleration of cloud growth will drive a re-rating of the shares in 2022. Briest is more confident in the benefit to revenues from backlog…
UBS Picks Former Morgan Stanley President Kelleher as Chairman
ZURICH—UBS named former Morgan Stanley President Colm Kelleher on Saturday as its surprise pick to succeed Axel Weber as chairman of the world’s biggest wealth manager when his mandate ends in April. Kelleher, an Irishman from County Cork, retired from his post at Morgan Stanley in 2019 after three decades at the U.S. investment bank,…
Hong Kong Fines ICBC, UBS Units, Others $5.7 Million for Anti-Money Laundering Breaches
HONG KONG—Hong Kong’s banking regulator has fined four banks, including local units of Industrial and Commercial Bank of China and UBS, a combined $5.67 million for breaches of anti-money laundering rules. The four banks failed to carry out appropriate customer due diligence, the Hong Kong Monetary Authority said in a statement. ICBC (Asia) was fined…
UBS to Pay $55.7 Million to Settle Belgian Tax Evasion Case
ZURICH—Swiss bank UBS agreed to pay 49 million euros ($55.7 million) to settle a case of alleged tax evasion dating back to the period of 2005 to 2013, Belgian prosecutors said on Thursday. The settlement concerns the alleged presence in Belgium of UBS employees and the alleged facilitation of tax evasion for Belgian UBS clients,…
UBS Fee Bonanza Lifts Quarterly Profit to 6-Year High
ZURICH—UBS posted its highest quarterly profit since 2015 on Tuesday, as robust trading activity by the world’s ultra-wealthy led to a 23 percent surge in fee income. The surprisingly strong results follow double-digit percent gains for net profit in each of the past four quarters and come as Switzerland’s largest bank announced new plans for…
UBS Plans Digital Banking Model for the Mass Affluent in America
ZURICH—UBS wants to build a digitally scalable advice model for affluent clients in the Americas, it said on Tuesday as it reported third-quarter earnings. As part of its new 2025 strategic vision, which Chief Executive Ralph Hamers said would be presented in February, the bank intends to provide wealthy clients in the Americas with a…
UBS Clients Raise $650 Million for Biggest yet Biotech Impact Fund
ZURICH—UBS’s wealthy clients have raised $650 million for the biggest biotechnology impact fund ever, the Swiss bank said on Wednesday. Impact investing—a term coined in 2007—grew out of the desire to extend philanthropic goals into mainstream financial holdings. Alongside financial returns, impact investments aim to generate measurable environmental and social impact, often in line with…
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