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Julius Baer: Jefferies initiates coverage with 'buy'

( - 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.

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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