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Julius Baer: Jefferies initiates coverage with 'buy'

(CercleFinance.com) - Jefferies has initiated coverage of the Julius Baer share with a "buy" rating and a target price of 67 Swiss francs, saying that the Swiss private bank is "turning the corner.
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The wealth manager has an attractive global footprint that has generated average net new money growth of 5.1% in the last eight years, Jefferies noted in a report.

Costs have been a disappointment, however, in a weak revenue environment, the US broker pointed out in its note.

Jefferies expects the new CEO to be "laser-focused" on driving operating leverage and returning capital to shareholders when he updates his strategy on 3 February.

The Julius Baer share is currently down 0.3% at 49.5 Swiss francs on the SIX Swiss Stock Exchange.


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