Deutsche Bank
Report published September 29, 2026
Deutsche Bank European Research: Daily Equity Update & Market Insights
Deutsche Bank · September 29, 2026
Deutsche Bank's European Research daily digest highlights an upgrade of Iberdrola to Buy on strong earnings visibility and Royal Caribbean to Buy following an attractive pullback. It also lowers price targets on German OEMs amid persisting structural pressures in the Chinese automotive market.
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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.
Key Takeaways
- 1.Iberdrola is upgraded to Buy with a raised target price to €22, supported by higher power price estimates, multi-year double-digit earnings growth through 2028, and narrowing valuation premiums to peers.
- 2.Royal Caribbean Cruises is upgraded to Buy from Hold (TP $299 unchanged) following a 26% share price pullback, creating an attractive entry point despite Middle East oil pressure and market skepticism around its Sandals JV.
- 3.Target prices across major German automotive OEMs (BMW, Mercedes-Benz, Volkswagen) are revised downwards due to structural challenges in China, where competitive intensity and weak pricing show no sign of easing.
Table of Contents
- Iberdrola (IBE.MC) - Strategic Plan Catalyst
- Anheuser-Busch InBev (ABI.BR) - 3Q26 results preview
- Redcare Pharmacy (RDC.DE) - Another Beat & Raise, Yet Upside Remains
- SKF (SKFb.ST) - Q3 preview: DB estimates a bit under cons on adj EBIT but Vertevo looms
- Acciona Energia (ANE.MC) - Model maintenance: factoring in latest 2026 asset sale expectations
- Antin (ANTIN.PA) - Three Overhangs Remain
- Lanxess (LXSG.DE) - Q3 26 results due November 5
- Vestas (VWS.CO) - Q3 preview: orders look light; offshore could limit margins
- European Automotive - Q3 earnings unlikely to change the narrative: hoping for politics
- AMG Critical Materials (AMG.AS) - Frankfurt listing ahead: opening the door to German index membership?
- Bayer (BAYGn.DE) - Q3 26 results due November 3
- Carlsberg (CARLb.CO) - 3Q26 sales preview
- Ferrari N.V (RACE.MI) - Another guidance raise? - Q3 preview
- Knorr-Bremse (KBX.DE) - Strong innovation power
- Sanofi (SASY.PA) - Weekly Rx/sales tracker
- thyssenkrupp (TKAG.DE) - Feedback from Steel CMD
- Beiersdorf (BEIG.DE) - Updating forecasts
- Novo Nordisk (NOVOb.CO) - Weekly Rx/sales tracker
- AkzoNobel (AKZO.AS) - Q3 26 results due October 21
- Arkema (AKE.PA) - Q3 results due November 5
- AstraZeneca (AZN.L) - Weekly RX/sales tracker
- Coloplast (COLOb.CO) - Q4 Preview: Mid-Term Strategy and Targets Remain in Focus
- GSK (GSK.L) - Weekly Rx/sales tracker
- Nestle (NESN.S) - Updating forecasts
- Novartis (NOVN.S) - Weekly Rx/sales tracker
- Roche (RO.S) - Weekly Rx/sales tracker
- dbDataInsights - Gulf shipping tracker & global response: Deal hopes fade
- DB Media & Online #What's Appening - WPP/CEO comments on AI usage
- EU Pharmaceuticals - Weekly Trackers
- European Automotive - Why the Paris Auto Show could mark a turning point in Europe's China debate
- European Chemicals - Key movements in petrochemical pricing/margins/spreads
- European Real Estate - Weekly Valuation Snapshot
- Global Copper - DB Copper Conference: Feedback & Key Themes
- Industrial Logic - Grey versus white space
- Steel Spread Tracker - US steel spread expansion continues as EU prices remain stable
- Royal Caribbean Cruises (RCL.N) - Upgrade to Buy; Sentiment Creates Attractive Entry Point for High Quality Stock
- Xenon Pharmaceuticals Inc. (XENE.OQ) - Epilepsy KOL Feedback & ASM Review Inform Balanced View on AZK's Risk-Benefit
Report data
Recommendation Change & Target Price Changes — as of September 29, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Iberdrola Target Price | 22.0 EUR | Raised from €18.50 representing an 18.9% target price increase |
| BMW Target Price | 78.0 EUR | Lowered from €90.00 representing a 13.3% cut |
| Continental Europe REITs NTA Discount | 32.0% | Sector discount to net tangible assets for 2026e |
| Royal Caribbean Share Price Movement | -26.0% | RCL share price decline vs flat SPX |
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Authors / Editors
James BrandMitch CollettJan KochJohn KimOlly JefferySharath KumarTristan LamotteTim RokossaMichael KuhnVirginie Boucher-FerteNicolai KempfGael de-BrayEmmanuel PapadakisBastian SynagowitzTom SykesDebbie JonesGareth DaviesNiall AlexanderThomas RothaeuslerLiam FitzpatrickChris WoronkaDavid Hoang