This week, Swiss giant UBS smashed earnings expectations with its $1.4bn result, but the stock has slipped since as we see the risks of chasing stocks at elevated levels.
- Profit came in at $1.43 billion, compared with a forecast of $667.5 million (LSEG) noting this is slightly misleading given the complexity of the Credi Suisse integration.
- UBS has returned to profitability following two quarterly losses tied to the takeover of Credit Suisse – a great acquisition in our opinion.
- We like UBS operationally, but from a risk/reward perspective, the current ideal entry is around $ US28 – MM owns UBS in its International Companies Portfolio.
MM is bullish toward UBS medium-term
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