Credit Suisse, CFRA analysts cut Deutsche Bank

Monday, 29. April 2019 07:49

Deutsche Bank AG was downgraded on Monday by Credit Suisse and CFRA after last week it reported a 9% drop in revenue on an annual scale to €6.35 billion for the first quarter. The German lender also lowered the 2019 outlook for turnover to "essentially flat" from a slight rise. Earlier, its merger talks with Commerzbank collapsed.

CFRA lowered the target price to €6.5 per share from €8.5 and cut the grade to sell from hold. Three months ago Deutsche Bank was cut by €1 per share from €9.5. Credit Suisse worsened the rating to underperform from neutral and slashed the target to €6.5 from €8 per share, citing low profitability and high financing costs. However, Goldman Sachs reinitiated the level at neutral and set the price at €8.4 per share.

The beleaguered bank dropped five trading days in a row, ending at €7.341 per share in the last session or 35.81% lower year on year. It compares to a decline of 2.11% in the benchmark DAX stock index in the same period and an all-time intraday low of €6.678 from December 27.

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