BofA upgrades Credit Suisse to Buy, sees more than 20% upside potential

BofA analyst Alastair Ryan upgraded Credit Suisse to Buy from Neutral with a CHF 3.60 price target, noting that his new target suggests more than 20% upside potential. While he sees the rebuild of Credit Suisse "taking time," he notes that the bank’s CHF 12B market cap is the same as Julius Baer’s despite Credit Suisse being one-and-a-half times larger in wealth management and also having a leading domestic bank and asset management business. With Europe’s "lowest price/book," he sees the shares trading at an "attractive" level, the analyst said.