UBS shares rise above CHF 25 for the first time since 2008
Published: Friday, Dec 1st 2023, 13:40
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The shares of the major bank UBS are on the upswing. For the first time in 15 years, the shares are trading above the CHF 25 mark again. It was only at the beginning of the year that the big bank exceeded the CHF 20 mark again after a long time.
Since the beginning of the year, UBS shares have thus gained almost 50 percent in value. At 13.20 they were up 2.3 percent at 25.20 francs. At lunchtime on Friday, UBS shares exceeded the CHF 25 threshold for the first time since 2008. Meanwhile, the leading SMI index was only 0.4 percent higher.
The shares were recently boosted by a buy recommendation from US bank JPMorgan, according to market reports. On Friday, Goldman Sachs raised its price target by almost two francs to 34.50 francs. Other analysts also see the share price of the last remaining major Swiss bank close to 30 francs in the coming year.
The big bank's shares are also benefiting from the generally positive sentiment in the banking sector. Other major banks such as JPMorgan, Citibank and Deutsche Bank have also made strong gains recently. In addition, the integration of rival Credit Suisse, which was acquired in the summer, has so far gone without any major headlines and has therefore been better than many had feared.
However, UBS shares are still a long way off their 2007 highs. Before the financial crisis, some of the big bank's shares were trading at over 70 francs. At the beginning of the coronavirus crisis, they briefly fell below CHF 10.
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