0654 GMT - The drop in EFG International share drop after impressive results was surprising, Citi analysts say in a research note after the Swiss private bank's update on Wednesday. Shares opened higher and reverted course during the trading session to close down 2.7% at 13.96 Swiss francs. "Investors we spoke with were similarly surprised and in our view the most likely explanation is profit-taking on the back of strong share price appreciation (+20% over last three months), compounded by lack of liquidity," analysts write. They also point to the bank's acquisition of Cite Gestion which they say reflects EFG's constructive take on M&A. Compared with peers Julius Baer and Vontobel, which have done select deals for capabilities, EFG is the company most focused on acquiring for scale purposes, they add. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
February 20, 2025 01:54 ET (06:54 GMT)
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