Analyst Andrew Coombs upgraded Deutsche Bank to buy/high risk from neutral/high risk.
It's time to buy Deutsche Bank shares as the beaten-down bank shows signs of a strong recovery, according to Citi. Analyst Andrew Coombs upgraded Deutsche Bank to buy/high risk from neutral/high risk, saying the stock has further upside after the firm's stronger-than-expected first quarter results . "Deutsche Bank is one of the most de-rated banks YTD, yet the 1Q23 results demonstrated potential for further consensus earnings upgrades.
It was the German bank's 11th straight quarterly profit after completing a restructuring plan that started in 2019. It also marked the company's first quarterly report since a banking crisis in Europe that ended with Credit Suisse being absorbed by rival UBS. The bank's German-listed stock is down 10% this year. However, the analyst's €13.50 price target represents 40% upside from Tuesday's price at €9.63.
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