Commerzbank: UBS confirms buy rating
(CercleFinance.com) - Following its earnings call, UBS confirms its buy recommendation on the Commerzbank stock with a target price of E15.
6.
"Q1 operating profit of EUR875m was 14% above consensus and up 61% y/y. Net profit of EUR580m was 21% above consensus and up 95% y/y," UBS said.
"The beat was driven by 4% better net interest income (NII)," it adds. In addition to a jump of almost 39% in net interest income, the German bank benefited from a 3.4% decrease in total expenses, to E1.72bn.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
6.
"Q1 operating profit of EUR875m was 14% above consensus and up 61% y/y. Net profit of EUR580m was 21% above consensus and up 95% y/y," UBS said.
"The beat was driven by 4% better net interest income (NII)," it adds. In addition to a jump of almost 39% in net interest income, the German bank benefited from a 3.4% decrease in total expenses, to E1.72bn.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.