Deutsche Bank: shares gain after UBS upgrade

(CercleFinance.com) - Shares in Deutsche Bank are among the top DAX 30 risers, up 1.
4 per cent, after UBS lifts its rating on the German lender to "neutral" from "sell" following its recent restructuring.

The move comes after the bank said earlier this week that it would cut approximately 18,000 jobs and would exit its equities sales and trading business as part of a plan to improve profitability.

In a note to clients, UBS cites a "significant strategic change," and sees a "more balanced risk/reward" on the shares. The broker also raises its target price to 6.6 euros from 5.7 euros.

Deutsche Bank is up 1.4 percent at 6.7 euros after the upgrade.

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