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ABN Amro: Berenberg cuts target price

( - Berenberg has cut its target price for the ABN Amro share from 19 euros to 17 euros, citing several headwinds.

"ABN Amro's investment case has previously relied on cost reductions and material capital return," the German broker said in a note on Thursday. "Yet both pillars appear illusionary," it added.

"Costs appear set to disappoint amid pressure to improve compliance and a cost guidance that now excludes such investment," Berenberg noted.

It maintains its "hold" rating on the stock, adding that the pace of capital return may slow.

Shares in the Dutch financial group fell to 15.7 euros, down 0.4%, in a weak Amsterdam market.

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