United Overseas Bank downgraded to Underweight from Neutral at JPMorgan

JPMorgan downgraded United Overseas Bank (UOVEY) to Underweight from Neutral with a price target of S$32.50, down from S$36.50. United Overseas has delivered Return on Equity with the least volatility among Singapore banks over the past 20 years, but this may change over the next few quarters as asset quality is “incrementally showing up as a risk,” the analyst tells investors. Increased EPS risk should be a catalyst for a weaker stock price, the analyst says.