Morgan Stanley downgrades Credit Suisse

Morgan Stanley has downgraded Credit Suisse and cut its share-price target on five European wholesale...

Morgan Stanley has downgraded Credit Suisse and cut its share-price target on five European wholesale banks. It downgraded Credit Suisse to 'equal-weight' from 'overweight,' citing further impairment risk from forced shrinkage and winding down businesses. The company has advised investors to switch out of Credit Suisse into Julius Baer, Switzerland's third-biggest asset manager. The banks Morgan Stanley cut its share-price target for include: Deutsche Bank, Deutsche Postbank, Barclays, Royal Bank of Scotland and Credit Suisse. In a stock exchange announcement the company said it conti...