Jefferies downgrades its recommendation on Julius Baer from 'buy' to 'hold', noting that the Swiss bank's shares are trading close to its fair value estimate, while raising its price target from 54 to 58 Swiss francs.

"The share price now reflects its incremental profitability measures, as well as a lack of share buybacks", believes the broker, who is awaiting new CEO Stefan Bollinger's presentation of his strategic vision for the company (due this summer).

While this presentation merits an open-minded assessment, Jefferies prefers "to approach it with a neutral stance, seeing a relatively limited range of options, beyond further cost savings".

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