Credit Suisse: Berenberg maintains 'hold' rating
(CercleFinance.com) - Berenberg says it maintains a "hold" rating on the Credit Suisse share, with a target price of 12.
50 Swiss francs, citing the group's "cautious" outlook.
Credit Suisse is now delivering better results than in the past few years, the German broker points out in a note, but its CEO is very cautious about the outlook, it adds.
As such, its 11-12% RoTE (return on tangible equity) target for 2020, compared to 8.8% for the first nine months of 2019 looks "increasingly unachievable" in its view.
This should not come as a surprise to the market with consensus already about 20% below this number, Berenberg notes.
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