UBS Edges Toward Q2 Report With Portfolio Tweaks and Analyst Backing
Published on 07/23/2026 at 06:23 | Redaktion boerse-global.de
JPMorgan has reaffirmed its "Overweight" rating on UBS, with analyst Kian Abouhossein pointing to strong quarterly results from US banks as a tailwind for European peers. The call, published on July 22, 2026, follows a wave of earnings from American lenders that beat expectations in trading and investment banking. While Abouhossein sees European institutions like UBS, Barclays, and Deutsche Bank benefiting from the same environment, he expects the uplift to be more modest than for their US counterparts. The analyst flagged potential for upward earnings revisions and subsequent revaluation of the stocks, though no specific price target was set for UBS in the note.
The endorsement arrives as UBS trades at €46.17, just 4.2% below its 52-week high of €48.19 hit on July 16. The stock has gained 16.1% since the start of the year, placing it in striking distance of fresh highs. With the shares already near peak levels, the question for investors is whether the revaluation potential Abouhossein describes is already baked in or still has room to run.
Behind the price action, UBS has been quietly adjusting its equity portfolio. A regulatory filing on July 22 revealed that the bank lifted its stake in semiconductor equipment maker SUSS MicroTec to 3.68% as of July 16, up from 3.29% previously. The position includes 3.004% held directly through 574,283 shares and another 0.67% via financial instruments. The move signals a modest vote of confidence in the German tech supplier.
Should investors sell immediately? Or is it worth buying UBS?
But the portfolio shifts are not all one-directional. At LPKF Laser & Electronics, UBS reduced its direct stake to 2.42% as of July 21, down from 3.168% earlier. The bank also built up a position above 4% in Ireland's Permanent TSB Group Holdings. Such adjustments are routine for a bank that constantly manages proprietary positions and client portfolios, but they offer a glimpse into where UBS sees opportunity and risk ahead of its own earnings.
All eyes now turn to July 29, when CEO Sergio Ermotti and CFO Todd Tuckner will present second-quarter results. The bank posted a net profit of $3 billion in the first quarter, setting a high bar. Two issues are likely to dominate the analyst call: the performance of the US wealth management division, which saw outflows despite strong overall profitability, and the ongoing integration of Credit Suisse, which remains central to the bank's cost trajectory. The answers will determine whether the current share price strength is justified or merely an advance on expectations.
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