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JP Morgan has cut the bank from “overweight” to “neutral” and trimmed its target from €40 to €38. The broker thinks Deutsche’s capital buffer will decline this year due to imminent rule changes, though it does not believe the bank will need to raise equity capital.
UBS has raised the oil group to a “buy” and cut its target from 925p to 900p. Despite some disappointing offshore wells recently, Tullow is seen by the broker as a high quality, well-financed onshore explorer whose portfolio shows plenty of potential.