KBW cuts UBS, Julius Baer to 'underperform' on expectation peak
BUZZ-KBW cuts UBS, Julius Baer to 'underperform' on expectation peak ** Investment banking and research firm Keefe, Buyette & Woods (KBW) downgrades Swiss bank UBS UBSG.S and local peer Julius Baer BAER.S to "underperform" from "market perform"
** Shares of UBS and Julius Baer are down about 2%, making them the bottom movers of their respective indices .SSMI and .SMIM
** "Shares are beginning to capture the inflection point, in our view, and are at risk of disappointing," Keefe, Buyette & Woods' analyst Thomas Hallet says
** Favourable regulatory outcomes are now priced in, the broker says
** Hallet warns about increased risk if assumptions of a CET1 ratio of 17% are warranted
** The analyst sees more upside for other European banks and points to consistent cross margins among foreign peers
(Reporting by Simon Ferdinand Eibach)