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Credit Suisse: broker downgrade hits stock

( - Credit Suisse shares have dipped by as much as 2%, one of the biggest fallers on Zurich's SMI index, after UBS downgraded the stock from "buy" to "neutral.

"The c30% share price recovery since the first-quarter results (+c50% from the trough in 2020) reflects that stronger revenue environment, in our view, and we therefore downgrade to neutral," UBS analysts said in a note.

The broker also points out that overall forecast uncertainty remains "very high".

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