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.

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