UBS: upgrades HKEX to 'neutral' with a target price of HK$346

UBS raised its EPS forecasts for HKEx (00388) by 1% in 2020, 3% in 2021 and 3% in 2022 to Rmb10.36, Rmb9.83 and Rmb10.12 respectively, and raised the target price to HK$346 from HK$344, with a "neutral" rating, considering recent market activities and its latest easing view, that Trump's return to the White House is likely to make the Fed's future easing path more moderate.