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Keefe Bruyette & Woods on Friday downgraded its rating on Swiss private banking group Julius Baer Group (BAER.SW) to underperform from market perform and reduced its price target to 70 francs from 74 francs.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)
Swiss shares started the week in the green after the Whit Monday holiday as investors digested developments in the Middle East.The Swiss Market Index closed 0.17% higher on Tuesday, after reports that the US and Iran exchanged fire near the Strait of Hormuz, with an interim peace deal between the two sides remaining elusive.On the corporate front, Lem Holding (LEHN.SW) shares surged 24.85% after it reported higher earnings for fiscal 2026 and reconfirmed its midterm targets, including average annual sales growth of 4% to 7% at constant exchange rates and an improvement in the EBIT margin to between 10% and 15%.The electrical measurement systems company also announced the start of a strategic options review, saying it has "drawn the attention of certain interested parties." Lem noted that there can be no assurances that the review will result in any transaction.Julius Baer (BAER.SW) rose 2.97% after BofA Securities upgraded its investment recommendation on the financial group to buy from neutral and reduced its price objective. BofA said a recent 7% fall in the company's stock offers an attractive entry point to investors."Although flows missed, we expect organic growth to strengthen towards guidance by 2028. We forecast 17% EPS CAGR in 2025-28E driven by 1) improving operating leverage and flows, and 2) share buybacks of CHF1.4bn (11% of market cap)," BofA added.Deutsche Bank, however, lowered its forecasts for Julius Baer by a low to mid-single-digit percentage, citing lower-than-expected assets under management and a reduction in share buybacks. "While transactional activity was strong in the first four months of 2026, boosting gross margin and the cost-income ratio, net new money disappointed."Looking ahead, the CS-CFA Society economic sentiment index for May is due on Wednesday, the latest quarterly non-farm payrolls are scheduled for Thursday, and the KOF leading indicators are due on Friday.
The Swiss Market Index extended its growth streak to Friday, closing 0.42% higher, amid the release of earnings from two corporate majors.Compagnie Financière Richemont's (CFR.SW) attributable profit for the 12 months ended March 31 climbed to 3.48 billion euros from 2.75 billion euros, while its revenue rose to 22.42 billion euros from 21.40 billion euros. The Swiss luxury goods giant fell 0.57% at close."Richemont delivered again on the top line in 4Q but the gross margin pressures from gold and FX are still weighing on investor sentiment," Deutsche Bank Research said. "Overall a good exit rate in 4Q supported by the special dividend and although the EBIT was a slight miss if we add back the (Euro)164m of impairment charges and write downs this was a small beat."In other corporate news, Julius Bär Gruppe's (BAER.SW) assets under management in the first four months of 2026 increased to a record 528 billion francs from 467 billion francs a year ago. Looking ahead, the Swiss private banking group expects its IFRS net profit for the first half to be "substantially higher" than the previous year. The shares dropped 6.93%."While the [gross margin] was exceptionally strong based on high activity levels, this is not sustainable according to JB and the continued headwind to [net new money] from its risk review (but also heightened market uncertainty) is disappointing. JB made progress on its cost income ratio but to a large extent this is based on the stronger top line," according to RBC Capital Markets. The stock is rated outperform, with a price target of 72 francs.In geopolitical developments, Iran's Foreign Minister Abbas Araqchi met with Pakistan's Interior Minister Syed Mohsin Naqvi in Tehran on Friday to discuss proposals to end the war, according to Iranian media reports. The talks came as Tehran and Washington continued negotiations over Iran's uranium stockpile and control of the Strait of Hormuz, with US Secretary of State Marco Rubio saying there had been "some good signs" in recent discussions, Reuters reported.Back home and on the economic front, Switzerland's calendar was empty for the day, while the CS-CFA Society economic sentiment index and KOF leading indicators for May, as well as nonfarm payrolls for the first quarter, are on next week's agenda.The SIX Swiss Exchange will be closed May 25 for the Whit Monday public holiday, with trading to resume on May 26.
Barclays on Monday upgraded Swiss private bank Julius Baer Group (BAER.SW) to overweight from equal weight and increased its price target to 71 francs from 63.70 francs.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)
