In a research note dated February 2, UBS equity strategists raised their 12-month price target on Amazon by one point to 311, while reiterating a Buy rating. The upgrade reflects an upward revision to cloud revenue forecasts, with UBS now modeling AWS quarterly growth of 28% year-over-year for Q4 (versus 25% previously) and forecasting incremental infrastructure spend of $4.8 billion in fiscal 2026. UBS analysts cited accelerating enterprise migration to Amazon Web Services, projecting that AWS will contribute 65% of group free cash flow by the end of 2026, up from 58% in the year-ago period. The team believes that stronger margin leverage in the cloud business could unlock a further 5-point expansion in operating margin over the next four quarters.

UBS Group AG will report its fourth‐quarter 2025 results on February 4, with consensus forecasts pointing to a 3% year-over-year decline in total revenues but a 7% rise in underlying net profit. Analysts at UBS Investment Bank themselves model net profit of CHF 3.45 billion, driven by resilient wealth management fees and an anticipated 15% rebound in investment banking revenues sequentially. The bank has guided for a CET1 capital ratio above 13.5% and cost-to-income ratio near 63% for the quarter. Management will focus on margin expansion in wealth management, where UBS oversees over CHF 3.2 trillion in client assets, and on delivering the first tranche of cost savings from its ongoing efficiency program, expected to yield CHF 1.2 billion in annual run-rate savings by mid-2026.