0856 GMT - CaixaBank's stock is no longer at a large premium despite strong growth, UBS's Ignacio Cerezo and Alvaro Fernandez-Garayzabal write. The higher-for-longer rate environment means rate-geared banks should benefit, UBS says, with Caixa one of the best options for this in Iberia. UBS expects Caixa's earnings per share growth to perform ahead of other Spanish domestic banks. It still has a premium of around 20% to the European sector, but underperformance since its first-half results means the company has a more attractive valuation. UBS raises its recommendation on the stock to buy from neutral, and increases the target price to 14.90 euros from 12.40 euros. Shares are up 1.3% at 13.15 euros.