(CercleFinance.com) – Barclays maintains its ‘underweight’ recommendation on Commerzbank and lowers its price target from 10.8 to 10.5 euros, in the wake of reduced estimates mainly due to rate expectations.
‘We expect fourth quarter trends to be in line with management’s forecasts,’ says the broker ahead of the German bank’s next quarterly publication.
Barclays believes messages about 2024 will be a more relevant driver for the share price reaction, but says it does not expect any positive surprises there.
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