Commerzbank: Oddo BHF remains positive, trims TP

(CercleFinance.com) - Oddo BHF reiterates its 'outperform' rating on Commerzbank shares, while trimming its target price from E17.
7 to E17.3, after reducing its net income expectations by an average of 2% over 2024-26.

According to the analyst, H1 2024 provides reassurance overall on Commerzbank's underlying operating performance, and ultimately on the credibility of the prospects for a significant improvement in shareholder return this year.

The valuation remains attractive, given the solid fundamentals and high return potential, he adds, seeing upside potential of almost 40% for the stock, well above the average for its sector coverage (around 25%).


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