ZKB downgrades EFG International, deems stock 'fairly valued'
** Shares in Swiss bank EFG International EFGN.S slide 1.2%, paring most of Wednesday's gains, after Zuercher Kantonal Bank (ZKB) downgrades the stock to "market perform" from "outperform"
** The broker views the stock as "fairly valued" after its good share performance in recent years
** EFG shares have risen 9% so far this year, and the stock is on track for its fourth consecutive year of gains with the shares doubling in value from the end of 2020
** "EFG is well positioned to benefit from the structural growth profile of the private banking market," ZKB says
** Coupled with the continued hiring of new client relationship managers and operating leverage, this should drive an EPS CAGR of 3% for 2023-2026, it says
** It notes EFG's capital surplus of CHF 0.5 bln ($581.5 mln) can either be used for external growth or distributed to shareholders as a special dividend
** Given the recent increase in M&A in Swiss private banking, the broker sees the possibility of further deals, with EFG being a serious candidate to act as a consolidator
** In May, sources said Julius Baer BAER.S had held talks with EFG about a potential takeover, adding however that the discussions had stopped
($1 = 0.8599 Swiss francs)
Reporting by Linda Pasquini
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