ZURICH (AFX) - The Swiss National Bank (SNB) will decide to keep its target range for the three-month Libor target range unchanged at 0.75-1.75 pct when meeting in Geneva on Friday, said analysts polled by AFX News. The SNB is holding its quarterly meeting on Friday, but is unlikely to change its target range given May 2's surprise cut, the analysts said. At that date, the SNB cut the Libor target range by 50 basis point to counter the rapid appreciation of the Swiss franc against major currencies. "There will be no change to rates given the recent rate cut," said an economist at the KOF/ETH Swiss Institute for Business Cycle Research. The situation has somewhat improved as regards the Swiss franc, which is now weaker against other currencies, he said. Bank Julius Baer economist JanWillem Ackett echoed his comments stressing the Swiss franc has fallen a little bit against the euro, making a further rate cut unnecessary. The SNB will also keep its rates unchanged given that the economic recovery is still very timid, he added. The first quarter GDP figures released yesterday showed an annualized and seasonally adjusted 0.7 pct growth from the fourth quarter and a 0.2 pct year-on-year growth. "The recovery is very modest and fragile, and inflation is under control. There is no reason to hurry to hike the rates," said Pictet's Bernard Lambert, who also foresees unchanged rates on Thursday. Swiss May CPI rose by 0.1 pct against April, or by 0.6 pct year-on-year. UBS also forecasts the SNB to keep the rates unchanged given the modest economic growth and the slightly depreciating Swiss franc. The Swiss franc is nevertheless still relatively strong against the euro and the US dollar, an UBS analyst said. One dollar is worth 1.5570 Swiss franc and one euro 1.4695 Swiss franc.