Subject: Re: UBS Cuts 2025 & 2026 Estimates
Re the UBS Securities report:

"The company is not expected to repurchase shares in 2025 or 2026 due to the stock trading at about a 9% premium to intrinsic value ...." It's now circa $750k per A share - which means circa $680k an A share for UBS's IV estimate.

And,

"UBS reduced its price target to $887,099 from $909,218 for the A shares ...."

How can they come up with a price target of circa $900k a share? That's 32% ABOVE their implied IV from the above.

I know Wall Street analyst have unusual insights. But this one escapes me.

Maybe I just don't understand Wall Street math. Is this a multi-year outlook? What year?

I don't necessarily disagree with their IV estimate. But the price target???