UPDATE: JP Morgan Upgrades Deutsche Bank to Neutral on Capital Improvement

JP Morgan upgraded Deutsche Bank DB from Underweight to Neutral. JP Morgan commented, "We upgrade DB from UW to Neutral – since mid-Oct. 2012, DB has underperformed our Global IBs coverage by -14%, Eurobanks by -7% and is up only +5% on an absolute basis. … The key issue for us remains capital at risk and hence the high implied CoE remains with i) litigation capital at risk issues remaining, ii) US legal entity capitalization concerns, and iii) RWAs harmonization concerns. … Capital at risk curve balls remain but are being reduced and hence the CoE should decline – and the new management under co-CEO Anshu Jain is starting to deal with DB's legacy issues in our view." Deutsche Bank closed at $50.38 on Wednesday.