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Deutsche Bank Cuts Credit Suisse Group to Hold

Deutsche Bank downgraded Credit Suisse Group (CSR) to hold from buy, after the financial services firm on Wednesday reported its quarterly results.

Analyst Matt Spick says the company's results were disappointing. The firm said its net profit of CHF 1.103B included several non-recurring items, while its adjusted profit of CHF 1.428B was 10% below his forecast. Among other things, he says the firm's investment banking revenue trends were in line with US peers but weaker than European rival UBS (UBS).

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