Citi bank cuts price targets as it sees that 'the ongoing confidence crisis could limit banks' risk appetite and reduce the flow of credit' in Europe.
Wall Street is downgrading European banks after stresses in the sector led to the emergency merger of the two largest lenders in Switzerland. Simultaneously, investment bank Citi also upgraded the tech sector on the continent, saying they preferred "quality growth" in the face of lower growth rates and deteriorating fundamentals. In a note to clients on Mar.
The bank's strategists said — in a report titled "A dozen stocks in case markets turn sour" — their list of 12 buy-rated stocks would prove resilient during broad market sell-offs. The list includes companies such as Nokia , Sodexo , and SAP among others that strategists at Deutsche Bank Research said could outperform broader markets during recessionary environments.
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