Deutsche Bank Downgrades UBS AG (UBS) to Sell; In-line Results, But Private Bank Stumbling

Deutsche Bank downgraded UBS AG (NYSE: UBS) from Hold to Sell. PT cut from CHF 14 to CHF 12.

Deutsche analyst says, "UBS results were in-line with our expectations at the adjusted pre-tax profit level, but the mix of business disappointed us. We are concerned that UBS' private bank recovery has lost momentum with inflows slowing and the margin in sharper decline than we forecast; a cautious outlook from management also reinforces our view that UBS will lose investment banking share in 2012. We reduce our 2012E adjusted EPS forecast to CHF 1.22 and our target price."

For an analyst ratings summary and ratings history on UBS AG click here. For more ratings news on UBS AG click here.

Shares of UBS AG closed at $14.27 yesterday.

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