Credit Suisse: shares fall after broker cuts target
(CercleFinance.com) - Credit Suisse Group shares are currently down 2.
3% at 15.6 Swiss francs after UBS lowered its target price for the Swiss bank, citing a deterioring trend in revenues.
While the group gave a bullish guidance when publishing fourth-quarter results in February, revenues have since deteriorated, the broker wrote in a report.
According to its estimates, revenues at its global markets unit were virtually flat year-on-year as of mid-March in dollar terms and down around 6% in Swiss francs, it said.
UBS - which still has a "buy" rating on the stock - has therefore cut its target price for the share to 18.5 Swiss francs from 19.5 Swiss francs previously.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
3% at 15.6 Swiss francs after UBS lowered its target price for the Swiss bank, citing a deterioring trend in revenues.
While the group gave a bullish guidance when publishing fourth-quarter results in February, revenues have since deteriorated, the broker wrote in a report.
According to its estimates, revenues at its global markets unit were virtually flat year-on-year as of mid-March in dollar terms and down around 6% in Swiss francs, it said.
UBS - which still has a "buy" rating on the stock - has therefore cut its target price for the share to 18.5 Swiss francs from 19.5 Swiss francs previously.
Copyright (c) 2018 CercleFinance.com. All rights reserved.