Commerzbank : A good Q2 but medium-term outlook at risk
>Neutral rating maintained – target price increased to € 9.0 (vs € 8.0) - We are sticking with our stance on the stock following the Q2 2022 results. The trend in operating performances is solid and the confirmation of the 2022 guidance is reassuring at this stage albeit dependent on the worrying macroeconomic/geopolitical developments (in particular the German economy’s reliance on Russian gas) and growth in costs in Poland (CHF loans, government measures, etc.). We ...Commerzbank operates through five segments: Private Customers, which comprises the Private Customers, Direct Banking and Commerz Real divisions; Mittelstandsbank, which include the Mittelstand Germany, Corporate Banking & International and Financial Institutions divisions; Central and Eastern Europe, which consists of the universal and regional banking and direct banking activities; Corporates and Markets, which consists the Equity Markets & Commodities, Fixed Income & Currencies, Corporate Finance and Credit Portfolio Management divisions; as well as Non-Core Assets, which includes the operations of CRE Banking Germany, CRE Banking International, Public Finance and Deutsche Schiffsbank.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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