We are changing our recommendation on Swissquote as, despite a stellar performance ytd led by a sharp increase in trading activity, we believe there is still room for some upside.
Trading should remain buoyant in the short term, adding to the short-term earnings momentum and, more importantly, the (sharp) increase in the number of accounts opened in 2020 should prove sustainable in the future and drive management's guidance for 2022 to a higher level (unchanged since 2019 despite targets being already reached in 2020).