Julius Baer rebounds in Zurich helped by analysts at Oddo Bhf
After last Friday's 7% plunge, stocks recover and top the Stoxx Europe
Giuliana Licini
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(Il Sole 24 Ore Radiocor) - Julius Baer N rebounded on the Zurich Stock Exchange, helped by positive ratings from analysts at Oddo Bhf, and moved to the top of the Stoxx Europe index, after losing almost 7% on Friday due to disappointing business performance since the start of the year. On Monday the Swiss market was closed for the Whitsun holiday.
Oddo BHF maintains an 'outperform' rating on Julius Baer, with an unchanged target price of CHF 73. "Although net inflows were disappointing in the first four months of the year, we nevertheless expect a gradual recovery in net inflows in the coming years and maintain our earnings per share forecasts virtually unchanged for the period 2027-2028," the analysts write. Considering that Julius Baer's revenues benefited from strong client activity in the first quarter and that the expense ratio was better than expected in the first four months, Oddo Bhf raised its earnings per share forecast for this year by 12%. Moreover, the research firm still believes that the Swiss financial institution has excess capital and should possibly proceed with share buybacks. Oddo Bhf expects share buybacks by Julius Baer worth CHF 500 million per year in the coming years.
