Credit Suisse has delivered plenty of odd jolts to investors this week — one of them being a research note that weighed in on the financial prospects of Charles Schwab.
On Wednesday, Switzerland’s central bank was forced to reassure investors it would provide $54 billion to keep Credit Suisse afloat as the bank’s stock tanked to all-time lows and investors braced for a possible rescue.
Meanwhile, Credit Suisse analysts — with a remarkable flair for the routine — sent out a research note to clients declaring that they were bullish on shares of Charles Schwab.
Credit Suisse raised its rating on the stock to “outperform” saying it has “overshot to the downside.”
“It takes a bit of audacity that Credit Suisse analysts are opining as to the need of liquidity or lack thereof at Charles Schwab while their very own house is burning down right before their eyes,” one Wall Street watcher told The Post.
“They should pause research on banks and look at their own balance sheets… What credibility do you have when you’ve accepted a job at a company that can’t stand up on its own?” the source added.
Credit Suisse and Charles Schwab didn’t respond to requests for comment.
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