Bloomberg reports that UBS cut Deutsche Bank to neutral from buy and lowered its price estimate for Deutsche Bank’s shares to 33 euros ($45.59) from 47 euros ($64.93), analysts including Daniele Brupbacher and Mate Nemes in Zurich said in an e-mailed report Tuesday.
Deutsche Bank is contending with a global slowdown in trading revenue as clients hold off investing amid uncertainty over monetary policy and geopolitical crises. The company is among banks that have shrunk assets to allay investor concern about capital levels and to meet stricter regulatory requirements.
'The weaker than expected year-to-date revenue environment is particularly relevant for Deutsche Bank', UBS said. 'In order to protect the bottom line, Deutsche could push out the non-core clean-up as well as restructuring by about one year'.
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