Oddo BHF reiterates its 'outperform' rating on Commerzbank, while slightly lowering its target price from 17.7 to 17.3 euros, after adjusting downwards its net income expectations by an average of 2% over 2024-26.

According to the analyst, 'the first half of 2024 provides reassurance overall on Commerzbank's underlying operating performance, and ultimately on the credibility of the prospects for a significant improvement in shareholder return this year'.

The valuation remains attractive, given the solid fundamentals and high return potential," he adds, seeing upside potential of almost 40% for the stock, well above the average for its sector coverage (around 25%).

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