[I-bank focus]UBS upgrades Esprit (00330) to "buy" & HK$13.5

    UBS raised its target price for Esprit (00330) to HK$13.5 from HK$11, and upgraded the stock to "buy" from "neutral".
  The research house has been expecting revisions to Esprit's transformation plan since January. While management is remaining committed to the plan, UBS believes changes are in the works that could improve the prospects of its turnaround.
  It sees meritsin Esprit's particular focus on product improvements and returning to profitability.
  UBS believes its current valuation reflects low expectations on its transformation.
New products in 2013 could help Esprit to start rebuilding consumer trust.