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FINWIRES

Research Alert: CFRA Maintains Hold Opinion On Adss Of Deutsche Bank Aktiengesellschaft

-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lift our target to USD37 from USD32, reflecting P/E multiple of 9.1x (vs. previous 8.2x) on unchanged 2026 EPS of EUR3.40 (we also maintain our 2027 EPS estimate at EUR3.80). The multiple expansion is due to equity risk premium compression as geopolitical tensions eased since our March 26 update. DBK's ~12% share price recovery matches the European banking peer group, confirming a sector-wide re-rating with sector valuations recovering from March (~9.7x) as Middle East conflict fears abated. At 9.1x, DBK now approaches the European peer median of ~10.8x, limiting further multiple expansion room, in our view. The upcoming Q1 2026 results on April 29 represent a critical test of whether the recent share price recovery is sustainable. We will focus on three key metrics: (1) Fixed Income & Currencies trading revenue; (2) CRE provision given rising U.S. office delinquencies; and (3) German Corporate Bank performance testing resilience amid collapsing business confidence and energy cost pressures. Maintain Hold.

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