date:Apr 16, 2014
e relative strength of the Swiss currency.
Vontobel analyst Jean-Philippe Bertschy said a greater than expected currency effect was the main reason that sales in Swiss francs missed forecasts, but volume growth of 2.6 percent and price increases of 1.6 percent were above expectations.
We continue to expect a gradual improvement of the underlying performance in the coming months, he said, confirming his buy rating on the stock.
The first quarter's organic growth of 4.2 percent, which strips ou