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According to the firm, McKesson shows potential for earnings improvements due to factors like improved generic pricing, outpatient utilization trends, and solid prescription volumes. Regarding Societe Generale, the firm stated three near-term catalysts that contributed to its addition, including (1) the start of the announced share buyback program, (2) the CMD on 18 September, and (3) further action to fill some of the Basel 4 capital shortfall.
Despite noting they like BNP’s quality franchise with a long track record in managing risks and organically generating capital, UBS analysts see better short-term opportunities elsewhere in the sector at this point.
Nextera Energy was removed due to its ongoing underperformance, even after addressing some financing risks for Nextera Energy Partners (NYSE:NEP). According to UBS, the presence of medium-term convertible equity financing needs for NEP suggests that this overhang is likely to persist.
