It was also predicted that 2008 earnings at the firm would be 55 Swiss francs - down from Citi's previous forecast of 65 francs.
Moreover, earnings per share were downgraded from 2.49 to 1.47 francs - while 2009's estimate also fell from 7.24 to 6.54.
Mr Sigee commented: "We apply lower multiples to reflect the de-rating of the sector and the continued limited visibility for investment banking revenues."
He added: "[Credit Suisse] may need to deleverage over time, but should avoid forced equity raising."
Meanwhile, rival bank UBS might avoid declaring a loss in the second quarter despite being hard hit by the credit crunch, the firm has claimed.
The bank, which has written off around $38 billion in assets since the beginning of the financial crisis last year, is set to break even due to tax breaks from the Swiss government worth around $2.9 billion, Bloomberg reports.