The bank now trades at 9x forward P/E and 1.1x price-to-tangible book value for an estimated 12.5% return on tangible equity (ROTE) in 2026, metrics the analysts view as fully valued. While BofA maintained a constructive view on fundamentals, it cited limited scope for near-term rerating. It identified continued strength in net interest income (NII), cost efficiency gains, strong capital build-up, and benign asset quality. BofA's 2025 NII estimate of €8.3 billion is above Commerzbank's €7.8 billion target and ahead of consensus. The brokerage also expects higher loan growth in corporate clients, better German mortgage momentum following regulatory relief, and upside from hedge income. "We still think CBK is the cleanest way to position for the "German fiscal expansion trade" and we are 11% above sell-side consensus net profit in 2025- 27E.