ould drive a c10% upgrade. This could increase our fair value of the stock from CHF21 to CHF24. ■ CS trades on only c1 0x adj. 19E PIE and 1.0x 19E P/TB, while offering a 10.5% 19E RoTE. ■ Catalysts: US tax reform passage, further delivery towards targets Related DB Research: Credit Suisse: From m