July 4 (Bloomberg) -- Credit Suisse Group AG had its price estimate cut by Citigroup Inc., which also reduced its expectations for earnings per share at Switzerland's second- largest bank.

The brokerage lowered its price estimate to 55 Swiss francs from 65 and its expected 2008 earnings per share to 1.47 francs from 2.49 in a note dated today. It also reduced its 2009 EPS estimate to 6.54 francs from 7.24.

``We apply lower multiples to reflect the de-rating of the sector and the continued limited visibility for investment banking revenues,'' London-based analyst Jeremy Sigee wrote. Credit Suisse ``may need to deleverage over time, but should avoid forced equity raising.''

Shares of Credit Suisse, which will report second-quarter results July 24, added 1.1 percent to 45.4 Swiss francs in Zurich trading yesterday.

To contact the reporter on this story: Peter Morley in London on pmorley1@bloomberg.net.

Last Updated: July 4, 2008 01:55 EDT