UBS analyst Thomas Hallett downgraded UBS to Market Perform from Outperform and lowered his price target for the shares to $13.50 from $15.00. The stock in midday trading is up 5c to $11.86. After analyzing the events between UBS and Swiss regulator FINMA, the analyst reduced his estimates to reflect additional provisions for litigation. Hallett believes FINMA will require a temporary operational risk weight add-on in relation to litigation matters through a "staged approach." This will keep UBS' buybacks operational, "but tapered in nature," the analyst tells investors in a research note.