Julius Baer: Credit Suisse raises target price

(CercleFinance.com) - Credit Suisse reinstates its "outperform" rating on the share of Julius Baer, having raised its corresponding target price from 49.
5 Swiss francs to 55 Swiss francs, following a trading update marked by "gross margin and cost/income considerably better than consensus".

While it expects its "gross margin to fade somewhat," the strong start and good cost control lead the broker to raise its 2020 EPS estimate by around 20% (leaving its 2021 and 2022 estimates 15% above the consensus).

"In the context of sharply higher credit losses and lower earnings from European banking peers, we continue to see the Swiss banks as highly defensive and among our top picks in the sector," it continues.


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