Deutsche Bank: Berenberg still says 'Sell'

(CercleFinance.com) - Berenberg maintains its "sell" recommendation on the Deutsche Bank share, along with its target price of 5.
5 euros, believing that the German banking group's basic profitability remains fragile.

Concerns about Deutsche Bank's (DBK's) capital have abated for now and have helped drive its outperformance ytd, but its core profitability is likely to remain weak, in our view," the broker says in comments on Friday.

Assuming it can keep core revenues flat and deliver on its cost target in 2022, this implies a fair value of EUR9.60," it adds.


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