Credit Suisse: shares higher on Berenberg upgrade

(CercleFinance.com) - Berenberg has upgraded its rating on the Credit Suisse stock from "sell" to "hold," saying that the share is fairly valued, which is boosting the Swiss investment bank's stock.


"We have long been wary of Credit Suisse's ability to grow revenues, given its business mix. We also worry that it is building risk in parts of its loan book," the German broker says in a note.

While Berenberg says it is still concerned, it writes that consensus revenue expectations have been cut by about 7% over the past year and that the stock is now fairly valued.

It has cut, however, its target price from 14 Swiss francs to 12 Swiss francs.

On Wednesday morning the CS Group share was trading 0.8% higher at almost 12 Swiss francs on the Zurich Stock Exchange.

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