Citi says drop in Vontobel shares too 'harsh', upgrades to 'neutral'

Vontobel Holding AG

25/07/2025 12:45

** Citi upgrades Swiss investment manager Vontobel VONN.S to "neutral" from "sell", viewing a recent drop in the share price as a "harsh" over-reaction

** The broker says the drop followed a significant headline miss in its H1 results and overly optimistic investor positioning

**  It adds that with market consensus now more cautious, the current valuation implies a much lower multiple for its institutional clients business

** The company reported a 5% drop in H1 net income y/y on Thursday, sending its shares down 12.5%

** Including today's rise the stock has dropped by 4.4 % YTD

(Reporting by Cian Muenster)

((Cian.muenster@thomsonreuters.com))