The broker notes Caltex is now going to include exchange rate adjustments in its accounting, which will change the numbers but not the valuation.
In the meantime, the fall in the share price to attractive levels sparks an upgrade.
Target price is $25.20. Current Price is $20.37. Difference: $4.83 – (brackets indicate current price is over target). If CTX meets the UBS target it will return approximately 19% (excluding dividends, fees and charges – negative figures indicate an expected loss).