Julius Baer: UBS upgrades to 'buy'
(CercleFinance.com) - UBS this morning upgraded its rating on the Swiss private bank Julius Baer, from “neutral” to “buy”.
The broker is maintaining its 12-month target price at 66 Swiss francs for the share.
Analysts believe that the stock has become attractive one again now that it has fallen by over 10% from its annual peak of over 65 Swiss francs. In addition, the share is trading at a discount of over 10%, in respect of forecasts for 2019, relative to its ten-year average P/E (14x).
"JB is set to produce double digit EPS and TNAV growth. The CET 1 ratio should increase c>100bp each year after 2018E. We see two sources of potential upside," its research report argues. In addition, the CET1 solvency ratio is expected to improve by over 100 basis points p.a. after 2018.
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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.
The broker is maintaining its 12-month target price at 66 Swiss francs for the share.
Analysts believe that the stock has become attractive one again now that it has fallen by over 10% from its annual peak of over 65 Swiss francs. In addition, the share is trading at a discount of over 10%, in respect of forecasts for 2019, relative to its ten-year average P/E (14x).
"JB is set to produce double digit EPS and TNAV growth. The CET 1 ratio should increase c>100bp each year after 2018E. We see two sources of potential upside," its research report argues. In addition, the CET1 solvency ratio is expected to improve by over 100 basis points p.a. after 2018.
Copyright (c) 2018 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.