Swissquote Faces Weaker Trading, Crypto Outlook — Market Talk

Swissquote's stock has had a strong run but now faces risk to the downside, UBS says in a research note. The Swiss online bank has seen its shares rising by a third since the start of the year on strong trading activity and crypto momentum. Risks on the horizon include slower trading activity, a decline in crypto volumes and lower Swiss interest rate expectations which could hit net interest income, analysts write. Its price to earnings multiple could be vulnerable as the group shifts its earnings mix to banking under its 2028 strategy, they note. Due to the headwinds ahead, UBS lowers its rating to sell from neutral but keeps a 410 Swiss franc target price. Shares fall 5.1% to 447 francs. ([email protected])