MARKET TALK: UBS Ups Standard Chartered To Buy

14th Jun 2010 09:42

0842 GMT [Dow Jones] UBS upgrades Standard Chartered (STAN.LN) to buy from neutral. It says that at 2.3x price/tangible net-asset-value, Standard Chartered remains one of the highest-valued banks in UBS' universe. "We recognize that bank valuations are generally depressed, but Standard Chartered faces neither the funding nor sovereign strains of many peers," UBS says. However, it adds that "the more uncertain macro picture has caused us to add 50 basis points to our cost of equity, shaving 100p off our price target [of 1850p]." Shares +1.1% at 1632p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 14, 2010 04:42 ET (08:42 GMT)