Credit Suisse is even more pessimistic than Wall Street on 12 sell-rated stocks covered by its equity analysts. These stocks make up more than half of the Swiss investment bank's contrarian stock list.

A March 24 report by Credit Suisse identified companies for which the opinions of its equity analysts differed from the consensus view on each stock, noting "companies where our analysis reveals opportunities that the market has not yet priced in."

The report, titled "Out on a Limb: 23 Contrarian Stock Ideas," considered stocks in Credit Suisse's U.S. coverage universe. It focused on ratings and earnings projections, as well as a high "conviction level" from equity analysts. The report identified 23 stocks in total, of which analysts were more optimistic than Wall Street about 11 (all rated outperform) and more pessimistic about 12 (all rated underperform).

Here's why the Credit Suisse analysts believe investors should sell these 12 stocks.