Report published September 28, 2026
UBS Research: Equities - Tactical Top Picks (September 2026)
UBS · September 28, 2026
UBS presents its Tactical Top Picks portfolio, adding On Holding Rg-A as a new Buy alongside 12 existing open ideas across Europe, the Americas, and APAC. The publication details individual catalysts, valuation multiples, and historical trading performance.
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Finvaulta summarizes UBS's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.On Holding is added as a new tactical Buy idea with a USD 73 price target, supported by accelerating US consumer spending intentions and ambitious 2029 sales targets.
- 2.The tactical portfolio maintains 13 open high-conviction ideas across Switzerland, EMEA/Europe, the Americas, and APAC, all carrying Buy ratings.
- 3.Year-to-date closed ideas have delivered an average absolute performance of 0.2% and relative performance of -1.2% across 72 ideas with an average duration of 25 trading days.
Table of Contents
- Equities - Tactical Top Picks Overview
- Performance Overview of Closed Ideas - Year-to-Date
- Performance Overview of Closed Ideas - Full Year 2025
- Performance Overview of Closed Ideas - Since Inception
- Switzerland
- Europe
- Americas
- Asia-Pacific
Report data
Equities - Tactical Top Picks Overview — as of September 28, 2026.
| Metric | Estimate | Context |
|---|---|---|
| On Holding 2029 Sales Target | 5.6 CHF billion | Targets at least CHF 5.6bn in sales, implying high-teens-% annual growth. |
| Galderma Nemluvio Global Net Sales Ambition | 1.0 USD billion | Company ambition for global Nemluvio net sales. |
| Industry Wafer Fabrication Equipment Spending Forecast | 200.0 USD billion | WFE spending projected as AI investments accelerate. |
| YTD Average Absolute Performance of Closed Ideas | 0.2% | Average performance across 72 closed ideas year-to-date. |
| YTD Average Relative Performance of Closed Ideas | -1.2% | Average relative performance against regional benchmarks. |
Reports in this series
Equities - Tactical Top Picks is shown in chronological order through this edition, published on September 28, 2026.
Part of the Equities - Tactical Top Picks series — view all 21 editions
Looking for the latest edition? Equities Tactical Top Picks (Oct 5, 2026)
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