VZ Holding: CS sees limited near-term catalysts, cuts to "neutral"
09/09/2019 07:33
** Credit Suisse cuts Switzerland-based provider of
consulting and wealth management services VZ Holding VZN.S to
"neutral" from "outperform" and removes it from its High
Conviction Ideas List
** The brokerage says expects the company to successfully
execute its long-term growth strategy, yet it does not see any
incremental triggers within the next 12 months
** CS expects gross margin pressure to remain given an
unfavorable product mix shift and says current growth
initiatives will not change the overall picture
** "A potential expansion into the UK, the increase of
growth efforts in Germany, and investments into the digital
platform will likely remain of secondary importance", the broker
adds
((joanna.wodzicka@tr.com))