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Swissquote Stock Surges After Goldman Sachs Upgrade to 'Buy'
Shares of Swissquote (SQN) surged more than 5% on Tuesday after analysts at Goldman Sachs upgraded the online banking and trading platform to 'Buy' from 'Neutral', citing a compelling valuation.
Valuation Gap Drives Upgrade
In a note to clients, Goldman Sachs analyst Oliver Carruthers raised the firm's price target on Swissquote to CHF 50.00 from a previous CHF 48.00. The upgrade is primarily based on the stock's recent performance relative to its peers.
Goldman Sachs highlighted that Swissquote shares had declined approximately 23% over the past 12 months, while a basket of comparable European retail investment platforms gained about 18%. This divergence has created what the bank now views as an attractive re-entry point for investors. The note also suggested that headwinds from the company's crypto-related business, which accounted for around 12% of group net revenues in 2025, are now largely priced into the stock.
Market Reaction and Outlook
AdThe analyst upgrade provided a significant boost to the stock, which climbed 5.3% to trade at CHF 43.34 during the session. The move pushed the shares well off their 52-week low of CHF 36.20.
Investors are also looking ahead to a near-term catalyst, as Swissquote is scheduled to report its first-half 2026 financial results on August 13, 2026. The report will provide the first concrete update on the company's performance since the upgrade.
Context and Peer Sentiment
The rally marks a reversal of fortune for Swissquote, which had been weighed down by headwinds including the Swiss National Bank's interest rate policy and a subdued cryptocurrency market. While Goldman Sachs has turned bullish, other analyst firms, including Jefferies and Kepler Capital, have maintained 'Hold' ratings on the stock, indicating a more cautious stance.
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