MasTec price target raised to $206 from $180 at UBS
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Swiss sight deposits jump spurs talk of central bank currency intervention
By John Revill ZURICH (Reuters) -Cash lodged by commercial banks overnight with the Swiss National Bank rose to its highest level in 15 months last week, data showed on Monday, sparking speculation the central bank could be intervening to weaken the Swiss franc. Total sight deposits held by the SNB increased by 11.2 billion Swiss francs ($14.00 billion) to 475.3 billion francs, the highest level since April 2024. Normally an increase can be seen as a sign the SNB is buying foreign currencies from banks and crediting their accounts with newly created francs, a way to weaken the safe-haven currency whose high value has weighed on inflation. The SNB declined to comment on the data. GianLuigi Mandruzzato, an economist at EFG Bank, said the increase could mean the SNB intervened last week, although other factors could be involved. "With interest rates at zero and with the SNB reluctant to go negative, intervention is likely to be its favoured approach," he said. Maxime Botteron, an economist at UBS, said the sight deposit rise could signal interventions, although other explanations were more likely. "They could have intervened, but there was no urgent need to do so," he said. "The franc appreciated moderately against the euro last week, but did not reach the April high, and I don't think the SNB would intervene against the dollar." Instead, Botteron said the increase in sight deposits could reflect the expiration of SNB bills, where the principal is repaid to the banks who bought them at the end of their term and the money credited to their sight deposit accounts. The money could also be due to the SNB not rolling over existing repos, and instead repurchasing the instrument from banks and crediting their sight deposit accounts, Botteron said. Karsten Junius, chief economist at J. Safra Sarasin, doubted the SNB was intervening, with the sight deposit data more likely showing the SNB scaling back its use of bills and repos. "If they are reducing the use of these instruments, it could be because the SNB is trying to steer the SARON lower by taking less liquidity out of the market," he said, referring to the Swiss interbank rate. ($1 = 0.7999 Swiss francs)
Yahoo
an hour ago
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UBS Warns Tesla Is Overvalued Ahead of Q2 Earnings
UBS stuck with its negative assessment on Tesla (TSLA, Financials) and kept its "Sell" rating and $215 price target ahead of the company's second-quarter earnings report on July 23. The company said that even while high deliveries and favorable currency movements should help Tesla in the short term, it is still "fundamentally overvalued."UBS predicts that earnings per share will be $0.43 and that car gross margins, not including regulatory credits, would be 14%, which is higher than the 13.5% Street estimate. Analysts, on the other hand, said that the company's earnings quality was at danger because of lower high-margin regulatory credits and more policy report also brought up worries about CEO Elon Musk's focus, saying that he has been focusing on long-term projects like robotaxis and AI instead of Tesla's main business. UBS suggested that the Q2 conference call might focus more on these future plans than on current patterns in vehicle stock finished Monday slightly under $317, up 1% from the previous day, but it is still down more than 21% since the beginning of the year. The average price target of $293.38 and the "Hold" consensus among analysts suggest that opinions are split. This means that the stock might go down by 7.4% from where it is now. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Yahoo
UBS Warns Tesla Is Overvalued Ahead of Q2 Earnings
UBS stuck with its negative assessment on Tesla (TSLA, Financials) and kept its "Sell" rating and $215 price target ahead of the company's second-quarter earnings report on July 23. The company said that even while high deliveries and favorable currency movements should help Tesla in the short term, it is still "fundamentally overvalued."UBS predicts that earnings per share will be $0.43 and that car gross margins, not including regulatory credits, would be 14%, which is higher than the 13.5% Street estimate. Analysts, on the other hand, said that the company's earnings quality was at danger because of lower high-margin regulatory credits and more policy report also brought up worries about CEO Elon Musk's focus, saying that he has been focusing on long-term projects like robotaxis and AI instead of Tesla's main business. UBS suggested that the Q2 conference call might focus more on these future plans than on current patterns in vehicle stock finished Monday slightly under $317, up 1% from the previous day, but it is still down more than 21% since the beginning of the year. The average price target of $293.38 and the "Hold" consensus among analysts suggest that opinions are split. This means that the stock might go down by 7.4% from where it is now. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
