UBS has upgraded Esprit Holdings (HKG:0330) to Buy from Sell and raised the stock's price target to HK$15.4 from HK$14.7. The brokerage's base case is that Esprit's upcoming interim results should not present any major surprises.

Too little time has passed since Esprit's transformation plan was announced for any significant developments, UBS says, forecasting a net profit of HK$203 million for the company for the first six months.