Commerzbank : Q3 2022 impacted by Poland but robust / trend in short- to medium-term guidance
>Neutral rating maintained – target price increased to € 9.5 (vs € 9.0) - We are sticking with our stance on the stock following the Q3 2022 results. The reassuring trend at the underlying operating level (top-line growth, cost control, weak CoR) and the broadly positive update on guidance (confirmation on 2022 and overall improvement in medium-term guidance, although dependent at this stage on the macro/geopolitical trend and notably the reliance of the German econom...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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