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

Reuters
FILE PHOTO: Logo of Swiss bank Credit Suisse is seen in Winterthur

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)