Merrill Upgraded at UBS as Mortgage Risks Priced Into Stock |
| Bloomberg - Aug 6, 2007 |
Merrill Lynch & Co. was raised to ``buy'' from ``neutral'' at UBS AG, which said the stock was inexpensive after concern about losses in credit businesses drove down the price of the world's biggest brokerage.
The shares rose $1.05 to $71.10 in trading before the open of U.S. exchanges. Merrill ended last week down 25 percent this year, compared with a 13 percent decline for the Standard and Poor's 500 Financials Index.
``Given that about one-third of pretax earnings come from private client and asset management businesses, we think Merrill's business mix can be a relatively stable performer during these turbulent times and act as a buffer to the clear signs of duress in mortgage and credit land,'' analyst Glenn Schorr wrote in a note.
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- Posted: 2007-08-06 09:16:15
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