Morgan Stanley downgraded UBS (UBS) to Underweight from Equal Weight with a price target of CHF 26, down from CHF 28. The firm downgraded shares after taking a “first stab” at incorporating the new capital proposal in its numbers. Morgan Stanley sees potential for “several mitigating actions,” but expects uncertainty and the capital headwind to continue to weigh on the share price for the foreseeable future. The analyst lowered buyback assumptions to $3B from 2026 onwards.
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