Credit Suisse: stock falls on broker double downgrade

(CercleFinance.com) - Credit Suisse shares suffered the biggest drop in the SMI index on the Zurich stock exchange on Monday after Barclays downgraded its rating to "underweight" from "overweight" previously.


The Swiss private bank's shares are currently down over 3%, while the SMI is down about half that, i.e. about 1.5%.

Barclays, which has also reduced its target price for the share from 12.5 Swiss francs to 9 Swiss francs, said it now prefers UBS in the Swiss banking sector.

More generally, Barclays prefers banks in the UK and continental Europe.


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