UBS has expressed concerns about the proposed capital rules, arguing they are disproportionately high. Nonetheless, UBS is engaging with stakeholders to seek regulatory adjustments. Meanwhile, Jefferies upgraded UBS's stock rating from Hold to Buy, anticipating positive earnings momentum and an increase in return on tangible equity to 15% by 2027. Jefferies set a new price target of CHF37.00, reflecting optimism about UBS's capital clarity and growth prospects.