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Commerzbank: Oddo BHF upgrades stock

( - Oddo BHF has upgraded Commerzbank shares from "neutral" to "outperform", having raised its target price for them from E14 to E15, judging that the Group's Q3 performance was pretty good - both in operational and balance sheet terms.

The broker incorporates this positive momentum, as well as an update of 2023 targets (net income estimates raised by an average of 5% over 2023-25) and has confirmed improvement in shareholder returns over both the short and medium terms.

Oddo BHF also highlights a valuation that once again seems attractive, with upside potential estimated at over 40% compared to its new target price, versus an average of around 30% in its sector coverage.

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