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Julius Bär: Mixed interim report for the first four months. Assets under management CHF 457 billion (exp. CHF 460 billion). Suffers net outflows of CHF 2.7 billion. Gross margin close to 85 basis points (exp. 84 basis points). The strategy update, on the other hand, was pleasing and with ambitious new medium-term goals. JP Morgan raises to 65 (63) Fr. with OVERWEIGHT.
AMS Osram: Temasek recently parted with shares. Singapore sovereign wealth fund recently holds less than 3pc in sensor maker.
Adecco: Royal Bank of Canada cuts to 52 (57) Fr. with OUTPERFORM. Bank earnings estimates are slashed by as much as 32pc.
Cembra Money Bank: Enters into collaboration with SPAR Switzerland and deepens those with Conforama and FNAC.
Swiss credit: Fitch downgrades rating from A- to BBB+. Outlook stable. Stock for JP Morgan a sell at UNDERWEIGHT to 6.80 (6.60) Fr.
DKSH: Acquires Victa Food and strengthens performance materials business.
Dufry: Quarterly turnover CHF 1.12 billion (exp. CHF 1.07 billion). Org. growth YoY at 144.5pc. Encouraging statements about daily business in April. For the time being, however, do without goals for the whole year. Royal Bank of Canada stays up to 36 Fr. for SECTOR PERFORM and Vontobel for HOLD up to 42 Fr.
Meyer Burger: Janus Henderson is back to below 3pc after a few weeks. Short guest performance by the British.
Nestlé: Bernstein Research goes to MARKET PERFORM (Outperform) to 120 (126) Fr.
Roche: Credit Suisse is NEUTRAL up to 350 (370) Fr. Reflects recent setbacks in the development pipeline.
Sika: Acquires US construction chemicals manufacturer United Gilsonite Labs. As usual, silence about the purchase price. Share for Vontobel a purchase up to 400 Fr.
SoftwareOne: Gross profit in the first quarter CHF 212.9 million (exp. CHF 208.4 million). Op. Profit CHF 42.1 million (exp. CHF 39.7 million). Annual targets remain the same.
Sulzer: Forced to close both locations in Poland. Now wants to take legal action against the sanctions. Kepler Cheuvreux remains for BUY up to 108 Fr.
Temenos: Deepens cooperation with web services of US online giant Amazon.
Zurich Insurance: Jefferies raises to 370 (405) Fr. with HOLD.
Taps: Complete lull for the time being.
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