In a call overseas earlier this morning, Lehman Brothers decided to cut its target prices on some select European investment banks. Here are three of the investment bankers that are traded in the U.S.:
- UBS (NYSE: UBS) target cut 6% to 31CHF.
- Credit Suisse (NYSE: CS) target cut almost 2% to 64CHF.
- Deutsche Bank (NYSE: DB) target cut about 5% to 66EURO.
What is interesting here is that Lehman noted that the worst for these may be over as far as credit losses and writedowns from subprime loan exposure. Lehman still believes that additional losses from from markdowns and weak trading numbers will continue to weigh on the companies this quarter.
Jon C. Ogg
May 20, 2008