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Deutsche Bank: Berenberg cuts target price on shares

(CercleFinance.com) - Berenberg on Tuesday cut its target price for Deutsche Bank shares from 7 euros to 6 euros, following the collapse of merger talks with Commerzbank.


Deutsche Bank now has some difficult decisions to make, the broker said in a note, with the most likely outcome a further restructuring of its corporate and investment bank (CIB), with associated cost savings.

"However, we believe that pursuing this option would likely lead to further revenue attrition, as Deutsche Bank found out in 2018 when it removed 100 billion euros of leverage assets from the CIB," Berenberg warned.

"Despite trading on 0.26x TBV, we see no reason to own the shares given that we forecast that it will deliver a ROTE of just 2.2% in 2020," the German broker added, keeping its "sell" rating on the shares.

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