Credit Suisse: Berenberg downgrades stock
(CercleFinance.com) - 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.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
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.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.