Credit Suisse Entering the ‘Value Trap’ Space: Jefferies

Jefferies no longer sees much value in Credit Suisse even at current depressed levels, and has downgraded the bank to “Hold”. Omar Fall and team at Jefferies in their research note dated January 27, 2015 trimmed earnings estimates on Credit Suisse as they believe the bank would be impacted by a stronger Swiss franc, lower FICC revenue growth estimates and lower wealth management NNM. “Forever growth” in WM challenged Striking a cautionary note on Credit Suisse entering the “value trap” space, the Jefferies analysts challenge the current market perception of wealth management as in the midst of a secular growth…