Commerzbank Premium to Sector Is Unwarranted, KBW Says -- Market Talk

Dow Jones

2025/09/24

1215 GMT - The market seems too optimistic on Commerzbank's stock, Keefe, Bruyette & Woods says in a research note. Germany's fiscal stimulus plans have been driving investor enthusiasm and pushing shares higher, analysts write. Some of this is warranted given that earnings are expected to increase. "However, incorporating company targets...and these incremental gains, the stock currently trades at a 12% premium to the wider sector," they say, adding that they don't believe this is warranted. Consensus forecasts also appear optimistic and there is a risk that the M&A premium triggered by UniCredit's approach unravels over the next 12 months, they say. KBW downgrades the stock to underperform from market perform. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

September 24, 2025 08:15 ET (12:15 GMT)

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Germany's fiscal stimulus plans have been driving investor enthusiasm and pushing shares higher, analysts write. Some of this is warranted given that earnings are expected to increase. \"However, incorporating company targets...and these incremental gains, the stock currently trades at a 12% premium to the wider sector,\" they say, adding that they don't believe this is warranted. Consensus forecasts also appear optimistic and there is a risk that the M&amp;A premium triggered by UniCredit's approach unravels over the next 12 months, they say. KBW downgrades the stock to underperform from market perform. (elena.vardon@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  September 24, 2025 08:15 ET (12:15 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Commerzbank Premium to Sector Is Unwarranted, KBW Says -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCommerzbank Premium to Sector Is Unwarranted, KBW Says -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-09-24 20:15</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     1215 GMT - The market seems too optimistic on Commerzbank's stock, Keefe, Bruyette &amp; Woods says in a research note. Germany's fiscal stimulus plans have been driving investor enthusiasm and pushing shares higher, analysts write. Some of this is warranted given that earnings are expected to increase. \"However, incorporating company targets...and these incremental gains, the stock currently trades at a 12% premium to the wider sector,\" they say, adding that they don't believe this is warranted. Consensus forecasts also appear optimistic and there is a risk that the M&amp;A premium triggered by UniCredit's approach unravels over the next 12 months, they say. KBW downgrades the stock to underperform from market perform. (elena.vardon@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  September 24, 2025 08:15 ET (12:15 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4207","symbol_name":"综合性银行","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2569671709","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2569671709","pubTimestamp":1758716100,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"1215 GMT - The market seems too optimistic on Commerzbank's stock, Keefe, Bruyette & Woods says in a research note. Germany's fiscal stimulus plans have been driving investor enthusiasm and pushing shares higher, analysts write. Some of this is warranted given that earnings are expected to increase. \"However, incorporating company targets...and these incremental gains, the stock currently trades at a 12% premium to the wider sector,\" they say, adding that they don't believe this is warranted. Consensus forecasts also appear optimistic and there is a risk that the M&A premium triggered by UniCredit's approach unravels over the next 12 months, they say. KBW downgrades the stock to underperform from market perform. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4207":"综合性银行","CRZBY":"Commerzbank AG"},"translate_title":"KBW表示，德国商业银行对该行业的溢价是没有根据的——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CRZBY":0.9},"content_text":"1215 GMT - The market seems too optimistic on Commerzbank's stock, Keefe, Bruyette & Woods says in a research note. Germany's fiscal stimulus plans have been driving investor enthusiasm and pushing shares higher, analysts write. Some of this is warranted given that earnings are expected to increase. \"However, incorporating company targets...and these incremental gains, the stock currently trades at a 12% premium to the wider sector,\" they say, adding that they don't believe this is warranted. Consensus forecasts also appear optimistic and there is a risk that the M&A premium triggered by UniCredit's approach unravels over the next 12 months, they say. KBW downgrades the stock to underperform from market perform. (elena.vardon@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  September 24, 2025 08:15 ET (12:15 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}