Report published August 26, 2026
Deutsche Bank Daily Research Summary: Equity Rating Changes & Strategic Updates (August 26, 2026)
Source and citation context
- Issuer
- Deutsche Bank
- Report date
- August 26, 2026
- Analysis as of
- Not stated in source
Authors / editors: Harishankar Ramamoorthy (Analyst), Tintin Stormont (Analyst), Benjamin Goy (Analyst), Christen Hjorth (Analyst), Tom Sykes (Analyst), Emmanuel Papadakis (Analyst), Gael de-Bray (Analyst), Gareth Davies (Analyst), Falko Friedrichs (Analyst), Tim Rokossa (Analyst), Corinne Blanchard (Analyst), David Hoang (Analyst)
Finvaulta summarizes Deutsche Bank's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Deutsche Bank's daily research note highlights rating upgrades on Groupe ADP, Bytes Technology, and Cerillion, alongside a downgrade of Softcat. Key company and sector analyses cover Jazz Pharmaceuticals' FDA approval for Ziihera, Siemens Energy's planned TI division separation, and European banking valuations.
Key Takeaways
- 1.Groupe ADP is upgraded from Hold to Buy with a price target increase to €130, driven by expected regulatory clarity under the proposed 2026-34 Economic Regulation Agreement (ERA).
- 2.In UK Software and IT Services, Bytes Technology Group and Cerillion are upgraded to Buy, while Softcat is downgraded to Hold following recent sector outperformance.
- 3.Jazz Pharmaceuticals received full FDA approval for Ziihera (zanidatamab) in first-line HER2+ GEA, prompting management to raise peak sales projections to $3-$5B and a PT increase to $300.
Table of Contents
- RECOMMENDATION CHANGES
- TARGET PRICE CHANGES
- COMPANY UPDATES
- SECTOR UPDATES
- GLOBAL RESEARCH
Report data
Recommendation Changes and Target Price Changes
| Metric | Estimate | Context |
|---|---|---|
| Groupe ADP Price Target | 130.00 EUR | Raised from €110, implying ~16% upside |
| Bytes Technology Group Price Target | 500.00 GBp | Raised from 410p (+22.0%) |
| Softcat Price Target | 2140.00 GBp | Raised from 1800p (+18.9%) |
| European Banks 2027E P/E | 10.5 x | Trading at ~30% discount to European market with 1.74x P/TBV and RoTE of ~16.6% |
| Ziihera Peak Sales Guidance | 3-5 USD billion | Increased by Jazz management from $2B+ previously |
Reports in this series
Daily Research Summary is shown in chronological order through this edition, published on August 26, 2026.
- Aug 18Deutsche Bank 18 Aug
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Authors / Editors
Reported Data Context
- European Banks 2027E P/E: 10.5 x (2027E)
- Ziihera Peak Sales Guidance: 3-5 USD billion (Peak) · Source: Company guidance