Barclays reaffirms its 'underweight' recommendation on Commerzbank, with a price target raised from 10.7 to 12 euros, citing a revised net profit forecast in line with consensus for 2024, but 5% and 6% below those for 2025 and 2026.

Referring back to a first-quarter publication deemed decent, the broker believes that the Group is still focused on net interest income, and that 'the commission franchise may not be able to compensate for the fall in interest rates'.

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