Julius Baer: Jefferies downgrades stock

(CercleFinance.com) - Jefferies downgrades its recommendation on Julius Baer sjares from 'buy' to 'hold', noting that the Swiss bank's shares are trading close to their fair value estimate.
However, it raises its target price for them from 54 CHF to 58 CHF.

The share price now reflects its incremental profitability measures, as well as a lack of share buybacks, the broker says, which awaits new CEO Stefan Bollinger's presentation of his strategic vision for the company (due this summer).

While this presentation merits an open-minded assessment, Jefferies prefers to approach it with a neutral stance, seeing a relatively limited range of options, beyond further cost savings.


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