1001 GMT - EFG International has improved its bottom-line momentum and valuation, UBS says in a research note. UBS raises its rating on the Swiss private bank to buy from neutral. EFG is delivering superior trends against its peers, analyst Mate Nemes and associate Emilio Ortelli write. The group's net new money growth could stay in its 4% to 6% target range within the next two years thanks to strong hiring since 2023, they say. A supportive market performance could lead to double-digit asset-under-management growth, they add. The stock should see a rerating after being range-bound for most of the second half of the year given gross margin normalization, challenges around share buybacks and the disappearance of an M&A premium from the valuation, they note. Shares jump 8.2% to 12.9 Swiss francs. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
December 18, 2024 05:01 ET (10:01 GMT)
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