NuWays initiates Lang & Schwarz with Buy, sets EUR 20 price target
NuWays initiated coverage of Lang & Schwarz with a BUY rating, setting a 12-month target price of EUR 20. Thesis centers on a reset earnings base post-PFOF ban and Trade Republic routing change, not an impaired franchise. NuWays expects Structured Products to drive most group earnings from H2 2026, citing EUR 55 millio