UPDATE: Bank of America Upgrades Deutsche Bank to Buy

According to Bank of America, Deutsche Bank

is upgraded to Buy. Bank of America said that its global quant team sees signs of improvement in leading indicators and FICC trading volumes have held up better than we anticipated. “We raise our PO to €42 from €39. The valuation increases because the capital deficit falls as a result of an assumed €3 bn capital increase (EPS flat owing to an increased net income forecast). Deutsche Bank closed yesterday at $44.77.