RBC: Deutsche Bank Delivers on FY25 Targets; Outperform Rating Maintained

12:05 AM EST, 02/02/2026 (MT Newswires) -- RBC Capital Markets said Deutsche Bank's (DBK.F) largely as-expected 2025 earnings report validated the German banking group's strategy update. "Delivering on 2025 targets is an important milestone. The Q4 update confirmed the key parameters of the next phase to 2028, most notably the commitment to deliver profitability progress every year. However, in the areas our estimates fall short of targets, there was less evidence to narrow the gap, largely as expected given most numbers for Q4 were pre-announced," analysts wrote Jan. 30. RBC raised its adjusted EPS estimates for Deutsche Bank for 2026 to 2028, while the stock's outperform rating with a price target of 38 euros was confirmed. "The shares have re-rated recently and are now trading well above their historical average P/B. We believe there is an argument for a further re rating given the scope DBK has for better cost control and new higher ROTE ambitions in the long term. Our valuation does require further progress on the ROTE path, which might mean that any news (positive/ negative) could have more material implications for the share price than the financials suggest," the research firm added.