UBS Sweeps the Board With Mixed Signals

UBS issued a flurry of target price changes on Friday, covering six names across technology, consumer, and utilities. The moves point in conflicting directions and reflect a market wrestling with stretched valuations.

The standout call is a 12% target lift on VEEV. UBS analyst Karl Keirstead raised the target to $325 from $290, maintaining a Hold. Veeva's $49 billion market cap puts it at a premium to most cloud software peers. The Hold rating means UBS sees the stock as fairly priced at that level.

JP Morgan's Doug Anmuth raised his target on ABNB even more aggressively, moving to $202 from $170. That is an 18.8% increase. The rating stays at Hold, but the size of the target move is a signal that Anmuth sees meaningful upside he is not yet ready to fully endorse.

The sharpest downward move came from UBS on AWK. Analyst Gregg Orrill cut the stock from Buy to Hold. He also trimmed the target to $162 from $153. American Water Works carries a short interest of 7.8% of free float. That is elevated for a utility. The downgrade adds pressure.

AKAM also saw its target trimmed by UBS, to $90 from $100, a 10% cut while the Hold rating stayed in place.

Consensus targets on EBAY and GILD also edged higher across the board.