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Julius Baer: SG raises target price.

(CercleFinance.com) - Société Générale (SG) has welcomed results presented yesterday by the largest Swiss asset manager, Julius Baer.

Although SG maintains its "hold" rating on the stock, it has raised its 12-month target price from 55 Swiss francs to 64 Swiss francs (+16.4%).

SG states that, "Julius Baer's current strong growth phase continues to deliver impressively." Indeed, since the end of 2016, the group's assets under management have increased significantly (+17%) to 393 billion Swiss francs. Thanks to the recruitment of client managers, net new money still exceeds the target set by management (+4% to + 6%), particularly thanks to emerging countries. In addition, the group's financial solvency ratio is improving.

SG also points out the group's results, which exceed the consensus, as well as the fall in the group's cost/income ratio, which is now under 69%.

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