Citi upgraded Julius Baer (JBAXY) to Buy from Neutral with a price target of CHF 71, down from CHF 72. Shares are off about 8%-9% post the 4M26 update and while the firm acknowledges that the update was “disappointing, particularly around flows,” it argues that “not much has really changed” and the plan remains back-ended around improving flows and profitability. At the current valuation, the firm thinks risk-reward “screens a lot more attractive,” the analyst tells investors.
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