European Daily Focus: Wednesday, 13th May 2026

Research evidence excerpt

European Daily Focus: Wednesday, 13th May 2026

Deutsche Bank

Research

Europe Strategy Date

13 May 2026

European Daily Periodical

Focus

Wednesday, 13th May 2026

Jonathan Jayarajan

TOP STORIES Research Analyst

UBS (UBSG.S) - Moving on, effectively +44-20-754-76037

Benjamin Goy: Tgt CHF39 to CHF40. Last Close CHF34.87, Buy. We titled our

2Q25 review Moving on as we thought it was time to move on from a debate largely

focused on very adverse regulation. Thanks to its capital-generative business

model, we thought the bank could increase capital ratios over the years to comply

with tough new capital requirements while increasing capital return significantly as

well. Since then, UBS has continued to execute strongly and 1Q26 results were

another strong beat versus expectations. Additionally, the bank now plans to

accelerate share buybacks, thereby effectively starting to move on from the too big

to fail overhang. Hence, we increase our above consensus share buyback forecasts

further and continue to like the combination of its business model, market

tailwinds, idiosyncratic opportunities with the Credit Suisse synergies, as well as

rising capital return. We upgrade our EPS by 3% on average and raise our target

price to CHF40. Trading at 10x 2027E EPS and 8% total yield buy confirmed.

B.CA MONTE DEI PASCHI (BMPS.MI) - 1Q26 results: old is gold Figure 1: Table of Contents

Giovanni Razzoli: Tgt EUR11. Last Close EUR9.47, Buy. MPS's 1Q26 results

Top Stories Page 01

showcased the "old MPS perimeter" as the group's cash cow, with a resilient Target Price Changes Page 02

operating performance. Its net income reached EUR 305 million, surpassing our Catalyst Call Page 04

expectations of EUR 286 million, and benefiting from cheap and abundant funding Company Updates Page 04