Credit Suisse Underlying Performance Is an Issue, Bank of America Says, Cutting Price Target

• (PLX AI) - Credit Suisse underlying performance is the issue in today's profit warning, analysts at Bank of America said, cutting their price target on the stock to CHF 8.50 from CHF 8.80.
• • Recommendation remains underperform
• • A quarterly loss in the investment bank is below BofA's expectations, which was expecting a modest profit
• • Credit Suisse is likely to focus on maintaining elevated capital through its time rebuilding the control framework, BofA said
• • High capital levels will not indicate surplus capital until this process is complete: BofA