Julius Baer: penalized by broker downgrade
(CercleFinance.com) - Julius Baer is down more than 2% in Zurich, hit by a downgrade in Jefferies' recommendation from 'buy' to 'hold', despite an increase in the Swiss bank's target price from CHF 54 to CHF 58.
Waiting for the new CEO to present his strategic vision for the company (expected this summer), the broker prefers "to approach this with a neutral stance, seeing a relatively limited range of options, beyond further cost savings".
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