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Credit Suisse: Berenberg downgrades stock

( - On Wednesday Berenberg downgraded Credit Suisse shares to "hold" (from "buy"), reducing its target price for them to 8 Swiss francs (from 10.
5 Swiss francs).

When analysts switched to buy on Credit Suisse, they argued that the market was being too pessimistic in its assessment of the bank in view of its strong capital position and robust franchise in wealth management, its core business: they admitted they were wrong.

Berenberg said it was particularly concerned about the continued decline in the Swiss private bank's revenues and early signs of erosion in its franchise following recent changes to the business. For the analyst, the bank's revival is not necessarily on the cards.

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