UBS Group AG shares saw a significant increase, marking their strongest performance in two months, after receiving an upgrade from analysts at BNP Paribas Exane.

The stock rose by up to 3.8%, making it one of the top performers in Europe on Friday.

Analysts at Exane, led by Jeremy Sigee, have upgraded their rating for UBS from neutral to outperform due to expectations of increased share buybacks by the Swiss lender.

This positive outlook has generated increased investor interest and confidence in UBS's financial strategies.