Julius Baer: Morgan Stanley starts with 'equal weight'.
(CercleFinance.com) - Morgan Stanley has initiated its coverage of Swiss private bank Julius Baer with an "equal weight" rating, and a target price of 61 Swiss francs, saying that the firm's positive momentum is offset by the share's full valuation.
In a research note sent to clients, the broker says that strong net new money (NNM), market sentiment recovery and cost control should drive the investment case.
Morgan Stanley also thinks that additional capital returns and M&A could offer some optionality.
However, the share price's recent changes suggest that most of these factors are already priced in, the professional warns.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
In a research note sent to clients, the broker says that strong net new money (NNM), market sentiment recovery and cost control should drive the investment case.
Morgan Stanley also thinks that additional capital returns and M&A could offer some optionality.
However, the share price's recent changes suggest that most of these factors are already priced in, the professional warns.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.