Commerzbank: shares slightly down after UBS downgrade
(CercleFinance.com) - UBS downgraded its rating on the Commerzbank stock on Monday, which has led to a slight fall in the German bank's share price.
Commerzbank shares were down 0.4% at 13.6 euros on Monday morning, one of the biggest fallers on Frankfurt's bluechip DAX 30 index, after UBS downgraded the stock from "neutral" to "sell".
"Share price factors in a too high 2020 return on tangible equity ratio (ROTE)," which is a key measure of profitability for banks, UBS said in a research report.
However, the broker nudged up its target price for the share from 11.40 euros to 11.60 euros.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Commerzbank shares were down 0.4% at 13.6 euros on Monday morning, one of the biggest fallers on Frankfurt's bluechip DAX 30 index, after UBS downgraded the stock from "neutral" to "sell".
"Share price factors in a too high 2020 return on tangible equity ratio (ROTE)," which is a key measure of profitability for banks, UBS said in a research report.
However, the broker nudged up its target price for the share from 11.40 euros to 11.60 euros.
Copyright (c) 2018 CercleFinance.com. All rights reserved.