UBS has become the first broker to upgrade Deutsche Bank’s stock following its initiation of a historic restructuring program.
In a note published Friday, UBS analysts upgraded the German lender’s stock from a “sell” to “neutral” and raised its 12-month price target from 5.70 euros ($6.42) a share to 6.60 euros, on the basis that the new strategy would yield a more balanced risk to reward ratio.
