Shares in troubled German lender Deutsche Bank dropped sharply on Friday to the lowest since their all-time nadir in June, as analysts made gloomy forecasts for the bank’s third-quarter results on October 24.
Deutsche shares DBK, -1.20% fell by as much as 1.9% on Friday morning, touching a low of €9.40. They recovered to around €9.49, down 1.1%, on a day when Germany’s benchmark index the DAX DAX, -0.33% was lower— down 0.5% on the day to 11,537.34, as of late-afternoon local trade Friday. Shares of the embattled lender have been flirting with an al-time low of €9.05 hit June 27.
heck out: Deutsche Bank shares inspire wariness: “Simply a trauma,” says analyst
Analysts’ consensus forecasts for Deutsche’s earnings are negative.
According to figures compiled by Dow Jones, on average, analysts who cover the stock are predicting a 65% drop in pre-tax profits for the third quarter, to $376 million, or €328 million, compared with the same period a year ago.
According to FactSet data, only three of the 28 analysts who cover Deutsche rate its stock as a “buy”. Ten have a hold or neutral rating; five say investors should hold less of the stock, and 10 say outright “sell”.
An expanded version of this article appears at Financial News
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