NEW YORK ( TheStreet) -- General Electric ( GE) and Microsoft ( MSFT) were among four companies UBS added this week to its "Global Top 40 Stock List," though the reason appears to have had more to do with internal UBS issues than the stocks involved. While an April 23 report prominently highlights UBS's reasons for being bullish on GE and Microsoft, along with U.K.-based utility National Grid ( NGG) and China Coal Energy, it refers readers to page three to find out why it has jettisoned four other stocks from the valuable list, including Google ( GOOG) EMC Corp. ( EMC) and Sinopec ( SNP).
It turns out that EMC and Google got the boot through no fault of their own, but because the analysts covering those stocks are no longer at UBS. Indeed, Dow Jones reported Tuesday that Internet analyst Brian Pitz (the lead on Google) left the Swiss bank to join Jefferies Group ( JEF), along with colleague Brian Fitzgerald. And last week, Bloomberg News reported Tuesday reported that Maynard Um, who covered EMC at UBS, has joined Wells Fargo ( WFC). As for Sinopec, UBS says it is now restricted from covering that stock. Only Japanese clothing merchant Fast Retailing got ejected from the top 40 list for a reason investors might care about: following a 45% run over the past year, the shares trade at 24 times consensus 2012 earnings projections. UBS spokespeople did not immediately respond to an email message seeking comment. -- Written by Dan Freed in New York. Follow me on Twitter
|UBS shifted 3 of its top 40 global stock picks due to internal issues.|