MARKET TALK: UBS Cuts Standard Chartered To Neutral From Buy

23rd Jul 2010 07:53

0653 GMT [Dow Jones] UBS downgrades Standard Chartered (STAN.LN) to neutral from buy. Says at 11.5x 12-month forward earnings, Standard Chartered is still at a 15% discount to historical averages, but its price/tangible net-asset-value of 2.7x is now modestly above. "On balance, we see the shares up with events," it adds. Expects a healthy set of 2010 interim results, due Aug. 4. "The 1H balance in income should continue to move back towards Consumer; and within Wholesale to the customer business. Impairments are set to have improved across the board," it adds. Keeps target price unchanged at 1850p. Shares closed at 1842p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 23, 2010 02:53 ET (06:53 GMT)