Barclays Cuts Deutsche, Lifts Commerzbank, UBS

Barclays downgraded Deutsche Bank to equal weight, cutting price target to €32 and EPS forecasts 4‑8% lower.
Barclays upgraded Commerzbank to overweight, raising price target to €42, EPS estimates 2‑8% higher and noting 3% valuation premium over UniCredit offer.
Barclays lifted UBS to equal weight, increasing price target to CHF 34, noting CET1 capital hits of $11bn and $20bn pending.
Barclays raised Julius Baer to overweight, boosting price target to CHF 71 and EPS estimates 1‑2% higher, citing CHF 770m capital surplus.