Deutsche Bank Updating Estimates Post Q1 2026

Goldman Sachs has raised its price target for Deutsche Bank to €36.75 following a Q1 net profit beat and improved cost outlook, though it maintains a Neutral rating.

Key Takeaways

• 1.Deutsche Bank's Q1'26 net profit beat company-compiled consensus by 8%, driven by outperformance in the top-line and better-than-expected expense management.
• 2.Goldman Sachs raised its FY26E revenue forecast for the Group to €30.0bn, aligning with the bank's reaffirmed 2026 targets.
• 3.Management is highlighting the potential for cost alleviation through AI implementation, specifically in underwriting and PB agentic solutions.

Table of Contents

• Revenues
• Costs and asset quality
• Capital and distribution
• Estimate changes and valuation
• Exhibit 1: Deutsche Bank forecasts
• Exhibit 2: Estimate changes
• Exhibit 3: SX7P Price Index
• Investment Thesis & Key Risks
• Disclosure Appendix

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