Nomura Securities Maintains a 'Reduce' on Deutsche Bank (DB); Lowering PT & Estimates
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Price: $38.56 +0.47%
Rating Summary:
5 Buy, 13 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
5 Buy, 13 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Reduce' on Deutsche Bank (NYSE: DB) price target lowered to EUR35.
Nomura analyst, Jon Peace, said, "We retain our Reduce rating on DB and cut our target price by 3.5% to EUR 35 and EPS estimates for FY11, FY12 and FY13 by 1%, 5% and 7%, respectively, as capital markets and retail businesses continue to face revenue headwinds in Q4 and 2012. New management may choose to introduce lower earnings and profitability targets and accelerate business and potentially balance sheet restructuring, which could keep investors on the side lines pending details. We expect a recession and initial absence of ECB support in 2012 to drive markets and banks lower, leading us to a cautious positioning overall among European banks. Flexible trading policies in Germany add additional technical pressure to DB, while valuation is of little support until earnings and book value forecasts stabilize. Although DB is well placed among EU17 banks, we prefer non-EU17 exposure in 2012."
For an analyst ratings summary and ratings history on Deutsche Bank click here. For more ratings news on Deutsche Bank click here.
Shares of Deutsche Bank closed at $37.86 yesterday.
Nomura analyst, Jon Peace, said, "We retain our Reduce rating on DB and cut our target price by 3.5% to EUR 35 and EPS estimates for FY11, FY12 and FY13 by 1%, 5% and 7%, respectively, as capital markets and retail businesses continue to face revenue headwinds in Q4 and 2012. New management may choose to introduce lower earnings and profitability targets and accelerate business and potentially balance sheet restructuring, which could keep investors on the side lines pending details. We expect a recession and initial absence of ECB support in 2012 to drive markets and banks lower, leading us to a cautious positioning overall among European banks. Flexible trading policies in Germany add additional technical pressure to DB, while valuation is of little support until earnings and book value forecasts stabilize. Although DB is well placed among EU17 banks, we prefer non-EU17 exposure in 2012."
For an analyst ratings summary and ratings history on Deutsche Bank click here. For more ratings news on Deutsche Bank click here.
Shares of Deutsche Bank closed at $37.86 yesterday.
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