Oddo BHF reiterates its 'outperform' rating on Commerzbank, while slightly lowering its target price from €15.5 to €15, following a downward adjustment of its net income expectations (-5% on average over 2024-26).

According to the research house, the previous day's publication confirmed the overall positive trend in both operating and balance sheet terms, and confirmed the credible prospect of a significant improvement in shareholder return in the short to medium term.

Valuation remains attractive, given the company's now solid fundamentals and high yield potential", adds Oddo BHF, which points to a potential upside of nearly 40% for the stock, compared with an average of around 30% within its sector coverage.

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