FXCM, Inc. (FXCM) Tangible Book Value is $3.15 - Credit Suisse

With shares of FXCM, Inc. (NYSE: FXCM) down 89% to $1.39 on the Swiss franc losses, traders may be looking for a bounce today. The two-notch downgrade from Credit Suisse analyst A. Serreo is being passed around and exacerbating the losses. However, in the same note he said:

"We expect the stock to approach tangible book value of $3.15 absent a capital raise. For now estimates are off little use, but we believe there will be distressed investors interested in the company's brand and large client foot print. Recall Knight received 90+ offers post their unfortunate error. We anticipate any capital raise at tangible book value to be ~45% dilutive."

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