Stock price when the opinion was issued
Buying Credit Suisse turned them into one of the largest wealth management businesses in the world with $4 trillion in assets. They keep creating new business units and products to their high new worth clients (i.e. mortgages, alternative investments). If things pan out--as earnings have been accretive since the takeover--2026's target is $315 at 8x PE. So, that's decent value. Caveat: the last 10-20 years have no dividend growth.
Still more upside, but remember that's upside in the context of a bank. Great bank. Credit Suisse acquisition reinforced its assets, as well as wholesale banking and Asia wealth footprint. Tactically bullish.