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STOCKS NEWS EUROPE-Commerzbank seen up as SocGen raises to 'buy'

Reuters - UK Focus

Shares in Commerzbank (Xetra: CBK100 - news) are indicated to rise 2 percent, according to pre-market data, as traders cite a note from Societe Generale (Paris: FR0000130809 - news) which raises its recommendation on the stock to "buy" from "sell", citing an improving outlook for Germany's second-biggest lender.

"While we were correctly cautious on Commerzbank during the euro zone sovereign-debt crisis of 2012 and into the first half of 2013, we were slow in spotting the bank's improving outlook as its operating environment recovered during the second half of 2013 and into 2014," Societe Generale analysts say in a note to clients.

They also raise their target price on the stock to 16 euros from 7.7 euros. Commerzbank's stock has gained almost 29 percent in value over the past six months.

Reuters messaging rm://maria.sheahan.thomsonreuters.com@reuters.net