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UBS: Credit Suisse cuts price target

( - Credit Suisse on Friday cut its price target on UBS to 23 Swiss francs from 24 Swiss francs, factoring in the impact of lower investment banking revenues and equity markets.

With the close of the second quarter, Dealogic data point to investment banking revenues being down about 50% year-on-year, the brokerage said, meaning that consensus for European banks looks a little high for that business line.

Credit Suisse warned that the sharp fall in equity markets in the quarter will additionally weigh on asset managers, prompting its estimate cut on UBS.

Notwithstanding its lower forecasts for the Swiss banks, the brokerage said it sees them as "somewhat defensive" from any geopolitical/sovereign/dividend concerns, noting that they are currently trading at historically attractive multiples.

Credit Suisse has a "buy" rating on UBS.

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