It was a pitch black Monday for Credit Suisse. Shares of the sick big bank continued to drop at the start of the new week – minus 10 percent! For the first time in Escher Bank’s history, shares fell below 3 francs.
The valley of tears does not seem to be over yet: the downward trend in CS papers continues apace today, Tuesday. Shares tumbled more than three percent this morning. At times, Credit Suisse paper was sold for less than CHF 2.90 – cheaper than ever before.
“The uncertainty continues to be great”
“The CS summit has yet to reassure shareholders, uncertainty and volatility remain high,” Vontobel analyst Andreas Venditti told Blick. The analyst also does not rule out the possibility that, as has happened many times in the last few months, some investors may push the stock further down by relying on falling prices in CS.
Analysts surveyed by Bloomberg failed to lower their price targets for Credit Suisse. Since the start of the year, the average price target has dropped from CHF 10 to CHF 4.7. The bank’s paper has lost 64 percent since January 1. (be)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
