Commerzbank: Oddo still a seller, but raises target price
(CercleFinance.com) - On Monday morning an analyst at Oddo BHF confirms a "Reduce" rating on the Commerzbank stock, although has raised his corresponding target price from 3.
40 euros to 4 euros, which still represents downside potential of around 16%.
The broker says that its forecasts remain built on the current plan, although exclude the divestment of mBank. The reduction in 2021 estimates is due to slightly higher costs and provisions. These exceed the 2021 consensus as before Q2 2020. In view of future restructuring, analysts are shifting their calculation basis to 2022. This is the main reason behind it raising its target price. The broker says that it is not including any assumptions for the strategic choices of the group's new management, although takes into account all the restructuring costs already planned.
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