Citi ups Vontobel to 'neutral' as headwinds largely priced in

Vontobel Holding AG

16/02/2023 12:08

** Citi raises Vontobel  VONN.S  to "neutral" from "sell" as
it sees many headwinds already in the price of the Swiss bank
    ** Headwinds such as an expected more muted growth compared
to Swiss peers, as well as poor performances regarding flow and
investment are priced in, Citi says
    ** The broker foresees Vontobel's earnings recovering and
growing in 2023, partly thanks to the multi-asset mandate
pipeline, partly due to new equity products
    ** It deems Vontobel's guidance cautious, given the recent
pick-up in net interest income and solid start of the year for
client trading activity
    ** It cuts its target price to CHF 58.5, representing a 1.4%
upside to Wednesday's close 
 (Reporting by Tristan Chabba)
 ((Tristan.chabba@thomsonreuters.com))