Citi analyst Andrew Coombs downgraded Credit Suisse to Neutral from Buy with a price target of CHF 3.10, down from CHF 3.70, stating that the bank saw even heavier wealth management outflows than expected in Q4 and a "notably worse performance" in its Markets businesses. While management gave some reassurance on flows, capital and liquidity on the call, they also raised "serious questions on the future trajectory of profits," the analyst tells investors.
Published first on TheFly
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