Morgan Stanley analyst Giulia Aurora Miotto upgraded Deutsche Bank to Overweight from Equal Weight with a price target of EUR 18, up from EUR 17. The bank’s revenue momentum and progress on costs are underappreciated, the analyst tells investors in a research note. The firm says that despite the 10% outperformance of shares versus the sector over the last 12 months, there is more room to go for Deutsche Bank, as improving investment banking revenue momentum and better confidence on cost delivery are not fully priced into consensus numbers.
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