Economics
UBS's Russia Bull Says Fundamentals Warrant Buy Recommendation
- Bank has had bullish call on the country since early July
- Analysts at Barclays to Bank of America remain cautious
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When UBS Group AG turned bullish on Russia in early July, it was somewhat of a false start as the ruble and stocks extended declines. Now the bank’s head of emerging-market strategy says the fundamentals that prompted him to upgrade the country are finally taking hold.
While analysts from Bank of America Corp. to Barclays Plc. remained cautious, Geoffrey Dennis at UBS raised his recommendation on Russia to buy from hold on July 9 as he thought the rout in oil, the nation’s main export, was near its bottom and the worst economic decline since 2009 began to show signs of easing.