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Commerzbank: UBS raises target price

( - UBS has raised its target price for the Commerzbank share to 5.
70 euros from 5 euros after a rally that has seen the shares rise almost 7% over the past three months.

The broker - which attributes the recent rally to shifting yield curves - still points out that the German lender's return on tangible equity (ROTE) is likely to remain below 4%, while its price to net asset value (P/TNAV) of 0.3x looks "fair".

In a note to clients, UBS nevertheless says it also bets on "more cost-cutting funded by disposals."

UBS maintains its "neutral" rating on the stock.

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