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Credit Suisse turns bullish on UK equities as no-deal Brexit chances fade

Credit Suisse turns bullish on UK equities as no-deal Brexit chances fade
FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch in Winterthur, Switzerland November 2, 2017. REUTERS/Arnd Wiegmann/File Photo -
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Arnd Wiegmann(Reuters)
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LONDON (Reuters) – Credit Suisse turned bullish on UK stocks, especially on the ones with international exposure, as the chances of the nation crashing out of the European Union fall and some equities look cheap compared with their foreign rivals, it said on Friday.

The Swiss bank now expects the UK blue-chip index FTSE 100 <.FTSE> to touch 7,600 points by mid-2020, a 3.5% gain from current levels.

“We would buy UK international earners in dollar terms that are cheap versus their peer group,” Credit Suisse analysts said.

Johnson Matthey <JMAT.L>, Elementis <ELM.L>, Rentokil <RTO.L>, Relx <REL.L> and British American Tobacco <BATS.L> are some of the names Credit Suisse believes are attractive.

(Reporting by Thyagaraju Adinarayan; editing by Josephine Mason)

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