0102 GMT - Macquarie investors are already paying for a substantial portion of the Australian financial-services provider's superior franchise and growth optionality, UBS analysts say. They acknowledge that earnings risks remain positively skewed as it prepares to change CEO, but observe that the stock is already trading at elevated historical multiples. Going forward, they think that investors will be increasingly focused on Macquarie's ability to further improve operating leverage view. They wonder if new CEO Greg Ward can genuinely make Macquarie more competitive on costs. UBS keeps a neutral rating on the stock and lifts its target price 6.0% to 265.00 Australian dollars. Shares are down 0.1% at A$245.78.