Swissquote shares advanced 0.3% to 39.94 francs on Monday, outperforming the broader Swiss Performance Index, which slipped 0.2%. The stock has rebounded from a 2024 low of 36.80 francs but remains 28% below its year-ago peak of 53.90 francs. Year-to-date losses stand at 18.2%. The bank, often viewed as a Bitcoin proxy due to its significant crypto-related revenue, has faced pressure from the recent downturn in digital-asset markets.
Swissquote revised its full-year guidance lower in August, citing sustained weakness in cryptocurrency trading. Despite the downgrade, U.S. investment bank Goldman Sachs maintained a buy rating on the stock, though it trimmed its price target to 48 francs from 50 francs. The analyst noted that the lowered guidance appears achievable, pointing to strong net-new money inflows and growth in less volume-dependent revenue streams. The long-term outlook remains intact, with the stock now considered attractively valued following the post-earnings decline.
French research boutique Kepler Cheuvreux also upgraded its rating to buy from hold, setting a new price target of 48 francs, down from 51 francs. The firm attributed the earnings shortfall and guidance cut almost entirely to the crypto segment, while highlighting near-record net-new money inflows, robust profitability, and early signs of operating leverage. Kepler Cheuvreux argued that the market had priced in an overly pessimistic outlook for Swissquote’s growth, which the first-half results did not support. The firm cited structural rebalancing in crypto, resilient net-new money growth, and emerging operating leverage as reasons for its positive risk-reward assessment.
Analyst coverage remains mixed: three firms rate Swissquote a buy, seven maintain hold ratings, and none recommend selling. The average price target stands at 44.60 francs.
