1021 GMT - Delivery of Commerzbank's plans poses risks, Keefe, Bruyette & Woods says in a research note. The positives from its capital markets days--higher targets--are offset by reminders of risks lurking in the background as UniCredit circles the German lender. Government opposition is causing chances of a takeover from its Italian peer to recede, analyst Thomas Hallett writes. "With this [in] mind, we see few reasons to believe Commerzbank will continue to outperform the wider sector," he notes, cutting the rating on the stock to market perform from overperform, but raising the target price to 22 euros from 20 euros. Hallett notes that confidence on reaching the new return on tangible equity target is low and that costs seem overly ambitious. Shares are up 1.2% at 19.70 euros and up 25% in the year to date. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
February 18, 2025 05:21 ET (10:21 GMT)
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