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Research evidence excerpt

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Deutsche Bank

Research

Rating Company Date

Buy UBS 29 June 2026

Europe Reuters Bloomberg Rating Buy

Switzerland UBSG.S UBSG SW Price target (CHF) 45.00 Price at 26 Jun 26 39.97

52-week range 41.35 – 25.77

Banks

Banks Valuation & Risks

Benjamin Goy

Well positioned business model, rising capital return Research Analyst

+49-69-910-31946 While UBS always remained focused on the business ever since the Credit Suisse

acquisition and reported strong commercial momentum in most quarters over the Rishika Garg

last three years, many investors were focused on the negative regulatory impact Research Associate

from the new Swiss too big to fail regulation. However, also investor sentiment is

now shifting back to the business as UBS increases capital return and the capital

markets remain very supportive for the bank. We modestly upgrade our forecasts

ahead of 2Q26 results and lift our target multiples to reflect peer rerating. Trading Key changes

at 11.2x 2027E EPS and 9.6x 2028E EPS, we reiterate our buy recommendation. Price target (CHF) 40 45 13%

Source: Deutsche Bank

Tailwinds to continue

UBS is the bank most geared to capital markets in our European coverage

universe. The risk-on sentiment should boost its Global Wealth Management, and

to a smaller extent Asset Management, too, throughout recurring and

transactional fees. Furthermore, we expect net interest income to outperform

2Q26 guidance and an upgrade the FY26 net interest income guidance. For the

Investment Bank, we expect another strong quarter, led by the most important

equities franchise. Though a decent performance in FX, Rates & Currencies as

well as Corporate Finance too.

Increasing capital return while building capital

UBS will likely conclude its accelerated USD 3bn share buyback in July. Then we