With its hoped-for merger with Commerzbank in ruins, and the future of its investment bank uncertain, Deutsche Bank shares tumbled to a new all-time low on Monday after an analyst at UBS downgraded DB shares to a sell with a price target of €5.70 ($6.40) - that's the second-lowest price target on Wall Street.
After Monday's selloff, shares aren't far from that level.
UBS analysts led by Daniele Brupbacher wrote that operating conditions for Germany’s biggest lender are expected to remain "difficult" and its strategic options are "limited." The bank remains vulnerable to "external events."
They also cut EPS estimates for 2020 to 2022 by 25%, 18% and 12% respectively, based on lower revenue assumptions.