Analysts at Credit Suisse have warned that they would cut their year-end target for both the FTSE 100 and Euro Stoxx 50 indices if Britain votes to leave the European Union on Thursday (23 June).

The Swiss bank said on Wednesday (22 June) that in the event of a full Brexit scenario – which would see Article 50 of the Treaty on European Union is invoked immediately after the vote – its FTSE 100 year-end target would be cut by 6% to 6,200.

The lender's year-end target for the Euro Stoxx 50 would be cut by 12% to 2,950, while its S&P 500 target would slip to 2,000 from 2,150.

"Our key concerns with regard to equities are [that] equities are overall priced at fair value; [that] we forecast almost no US earnings growth and [that] there is unusually high political, economic and business model risk at a time when governments are trying to redress the imbalance between owners of capital and labour," analysts at the Swiss bank said.

Credit Suisse added a 'Leave' vote would spell trouble for the pound, which is expected to lose value against both the euro and the dollar, potentially falling as low as $1.20.

"Although we expect the euro to weaken if the UK leaves the EU, we still think sterling will continue to be weak against the euro, with the UK having a record trade deficit, of 4.8% of GDP, with the euro area and sterling not looking cheap against the euro," the bank said.

Meanwhile, the two campaigns are locked in a race that remains too close to call.

The latest telephone opinion poll from Survation, of more than 1,000 people on 20 June, put Remain on 45% and Leave on 44%, with 11% of respondents undecided. Odds on Britain remaining in the EU stand between 1/4 and 2/7 with the UK's major bookmakers, while a pro-Brexit vote is currently 3/1.