Commerzbank: Berenberg upgrades to 'hold'
(CercleFinance.com) - Berenberg has upgraded its rating on Commerzbank from "sell" to "hold,' citing valuation grounds.
In a note published in May, the German broker said that consensus EPS expectations for Commerzbank were too optimistic, driven by unrealistic revenue growth and rate sensitivity assumptions, expecting earnings downgrades to ensue.
"We feel this has largely played out and upgrade to "hold"," Berenberg says, maintaining a target price of 8.6 euros.
The Commerzbank stock is currently down 1.1% at 8.3 euros.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
In a note published in May, the German broker said that consensus EPS expectations for Commerzbank were too optimistic, driven by unrealistic revenue growth and rate sensitivity assumptions, expecting earnings downgrades to ensue.
"We feel this has largely played out and upgrade to "hold"," Berenberg says, maintaining a target price of 8.6 euros.
The Commerzbank stock is currently down 1.1% at 8.3 euros.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.