06:42 AM EDT, 05/11/2026 (MT Newswires) -- BofA Global Research maintained Deutsche Bank's (DBK.F) buy rating, with a price objective of 38 euros, saying the German lender's underlying trends are improving despite market volatility.

"DBK has been the key laggard among European banks [year to date] (-18%), reflecting a slower-than-expected recovery in the segments targeted for improvement [investment bank, corporate bank and cost of risk], while earnings beats (1Q26 net income +8% vs consensus) have largely been driven by [asset management] performance fees and [corporate and other] one-offs. We believe, however, that heightened market uncertainty in Q1 obscured improving underlying trends,"analysts said Monday, adding the company screens as one of the "cheapest turnaround stories in Europe."

While acknowledging that Deutsche Bank's performance is still "highly sensitive"to external factors, the research firm believes various growth drivers remain "firmly in place."Analysts view the bank as well placed to benefit from the German fiscal stimulus and pension overhaul, growing "pent-up demand"in European investment banking and capital markets, and fixed income and currency platform's continued "solid"competitive position, among others.

On the earnings front, BofA lowered its full-year 2026 to 2028 net income forecasts by 2.4%, 0.9% and 1.5%, respectively, after the first-quarter 2026 results. The cut primarily reflects increased provisions for 2026 and a slight uptick in projected costs for 2027 and 2028. EPS projections for the same three years were also reduced.