January 26, 2016 / 9:58 AM / 2 years ago

BUZZ-UK Banks: UBS cuts targets

** Weakness seen from UK banks amid broad market sell-off and as UBS cuts PTs - of HSBC, Standard Chartered and Barclays (shares in trio down c2%)

** On Barclays, UBS says market too optimistic on investment banking revenues, will likely struggle more in future; but keeps “Buy” rating as thinks shares fallen too much in recent weeks

** UBS lowers its EPS estimates on HSBC by 7-9 pct in 2016-19

** Lloyds remains UBS’s top pick; says bank has more room to manage interest income than the market believes

** Cuts RBS PT to 350p from 363p, Barclays to 215p from 302p, Lloyds PT to 88p from 97p, HSBC to 520p from 540p, and StanChart to 510p from 609p

** Banking sector at large -1.3%, weighed down by the oil and commodities slump

** RBS and Lloyds buck weak trend, up 1% (RM: aastha.agnihotri.thomsonreuters.com@reuters.net)

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