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Julius Baer: Credit Suisse sticks to rating

(CercleFinance.com) - Julius Baer has announced record H1 earnings.

The Swiss private bank reported that its H1 2020 adjusted net profit rose by 34% to 524 million Swiss francs, the highest in the Zurich based group's history.

"It reiterated 2022 targets including a pretax profit goal (>10% growth) which is c17% ahead of consensus," Credit Suisse said.

"We have trimmed 2020/21 EPS by c2% leaving 2022 EPS and our price target unchanged. Our EPS estimates are still c5-10% ahead of consensus," the analyst adds.

Following this publication, Credit Suisse confirms its Outperform rating advice on the stock, along with a target price of 55 Swiss francs (31% upside).


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