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研究快讯:CFRA 将德意志银行股票评级从“持有”下调至“卖出”。

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-- 独立研究机构CFRA向发布了以下研究报告。CFRA分析师总结如下:我们将评级从“持有”下调至“卖出”,并将12个月目标价从37美元下调至28美元。此调整基于我们对2026年每股收益预测不变,并将目标市盈率从9.1倍下调至7.1倍。市盈率的下调反映了我们此前关于该银行在2026年第一季度业绩公布后已摆脱历史风险状况的论点被推翻。信贷拨备的大幅增加挑战了去风险化的说法,一级资本充足率的下降削弱了资本回报前景,核心业务部门业绩的下滑也证实了该银行在宏观经济环境恶化下的脆弱性。市场的负面反应凸显了对该银行盈利质量及其应对日益严峻挑战能力的信心下降。我们之前认为风险回报状况是平衡的,但现在显然已经严重偏向负面。

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