MARKET TALK: Bernstein Parses June Business, Euro Debt To Banks

5th Jul 2010 09:40

0840 GMT [Dow Jones]--The month of June didn't result in brisk business for investment banks, albeit better than in May, says Bernstein Research. However, analyst Dirk Hoffmann-Becking says investing in European banks still ultimately boils down to how the euro debt crisis is resolved, as opposed to business trends. In case the euro zone is dissolved, he sees Credit Suisse (CS), UBS (UBS) and Barclays (BCS) outperforming, because they are not euro banks and hold most assets and funding outside Europe. Sees commercial banks BNP Paribas (BNP.FR), Societe Generale (GLE.FR) and Barclays (BCS) outperforming investment banks in the long run. Rates Credit Suisse and SocGen at market perform, UBS at underperform, Barclays and BNP at outperform; targets are CHF50, EUR47, CHF14.50, 370p, EUR61, respectively. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 05, 2010 04:40 ET (08:40 GMT)