Deutsche Bank downgraded to Underperform from Neutral at BofA

BofA analyst Rohith Chandra-Rajan downgraded Deutsche Bank to Underperform from Neutral with a price target of EUR 11.45, up from EUR 10.50. The analyst sees Deutsche Bank struggling to improve profitability, saying its growth is heavily volume reliant, consuming cost and capital resources. This will likely limit its return on tangible equity to 6%-7% with weak profitability and regulatory headwinds constraining capital distribution, the analyst tells investors in a research note.