Vontobel upgraded to Neutral from Sell at Citi

Citi upgraded Vontobel (VONHF) to Neutral from Sell with a price target of CHF 63.30, up from CHF 60. The 12% negative reaction to Vontobel’s first half results is a function of a “large” headline miss, but also investor positioning, according to the analyst, who views the risk-reward as more balanced given the valuation and consensus that is “now much more cautious.”