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Investing.com - JPMorgan downgraded Commerzbank AG (ETR:CBK) (OTC:CRZBY) from Overweight to Neutral on Tuesday, while raising its price target to EUR33.00 from EUR30.00.
The downgrade comes despite JPMorgan’s acknowledgment that Commerzbank management has "delivered strongly" in turning the bank around and establishing a path to sustainable double-digit return on tangible equity (RoTE).
JPMorgan cited Commerzbank’s 119% total return year-to-date as a key factor in the rating change, stating the stock now appears "fairly valued" with "limited upside" at its current valuation of 9.8x P/E and 1.2x P/TBV for a projected 12.4% RoTE in 2027.
The investment bank noted that while Commerzbank has outlined an ambitious plan targeting a net result of €4.2 billion by 2028 (up from €2.7 billion in 2024), market consensus is already aligned with this target, suggesting reduced potential for positive surprises.
JPMorgan increased its December 2026 sum-of-parts price target from €30 to €33, reflecting its view of a lower cost of equity for the banking sector overall.
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