NEW YORK (TheStreet) -- Shares of Credit Suisse Group (CS) are down -2.08% to $29.70 in pre-market trade as the New York State Department of Financial Services seeks hundreds of millions of dollars from the Swiss bank in its investigation of potential tax evasion involving the firm, sources say, which could push an eventual settlement with U.S. authorities to more than $2 billion, Reuters reports.
The settlement with New York State would be in addition to the fine that the firm is discussing with the Justice Department which could be near $1.6 billion, Reuters said.
TheStreet Ratings team rates CREDIT SUISSE GROUP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CREDIT SUISSE GROUP (CS) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, expanding profit margins and notable return on equity. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income and weak operating cash flow."
Highlights from the analysis by TheStreet Ratings Team goes as follows: