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☆ Deutsche Bank beats expectations despite 27% drop in profit, jump in costs
▼ + stars: | 2023-07-26 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

A Deutsche Bank AG branch in the financial district of Frankfurt, Germany, on Friday, May 6, 2022. Alex Kraus | Bloomberg | Getty ImagesDeutsche Bank on Wednesday reported a net profit of 763 million euros ($842 million) for the second quarter of 2023, narrowly beating expectations despite a 27% year-on-year decline. related investing news Citi downgrades Goldman Sachs, says targets will take time to be reached We're selling some shares of this health-care company and changing our rating However, second-quarter non-interest expenses rose 15% year-on-year to 5.6 billion euros, with adjusted costs up 4% to 4.9 billion euros. Nonoperating costs includes 395 million euros in litigation charges and 260 million euros in "restructuring and severance related to execution of strategy." In its first-quarter report, the bank flagged job cuts for its non-client facing staff and reported a sharper-than-expected year-on-year fall in investment bank revenues.

Persons: Alex Kraus, Citi downgrades Goldman Sachs, James von Moltke, CNBC's Silvia Amaro, von Moltke, we've Organizations: Deutsche Bank AG, Bloomberg, Getty Images Deutsche Bank, Citi, Deutsche Bank, CNBC Locations: Frankfurt, Germany

☆ Citi downgrades Goldman Sachs, says targets will take time to be reached
▼ + stars: | 2023-07-25 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Citi thinks Goldman Sachs ' long-term company goals may be more difficult to reach than investors think. Citi downgraded shares of the investment bank to neutral from buy in a Tuesday note. He cautioned, however, that investor returns will likely be closer to the lower end of Goldman managements forecasts. Goldman shares are up 4.5% this year. GS YTD mountain Goldman Sachs stock has climbed more than 4% since January.

Persons: Goldman Sachs, Keith Horowitz, Goldman, Horowitz, — CNBC's Michael Bloom Organizations: Citi, Goldman Locations: GBM

☆ Here are Tuesday's biggest analyst calls: Apple, Disney, Costco, Nike, Imax, Walmart, Meta & more
▼ + stars: | 2023-07-25 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Here are Tuesday's biggest calls on Wall Street: UBS reiterates Nike as buy UBS said it's getting incrementally bullish on the stock and that it could double. " BTIG upgrades Zscaler to buy from neutral BTIG said its checks on the IT stock have been "consistently positive." Morgan Stanley reiterates Apple as overweight Morgan Stanley said it's standing by its overweight rating heading into Apple earnings next week. Goldman Sachs reiterates Apple as buy Goldman said it's standing by its buy rating heading into earnings next week. Morgan Stanley names Elevance a top pick Morgan Stanley named the health insurance provider as a top pick and said it sees further earnings per share growth.

Persons: it's, Morgan Stanley, Apple, Piper Sandler, Wells, Goldman Sachs, Goldman, Mizuho, Oppenheimer, TSCO, Citi downgrades Goldman Sachs, TD Cowen, Wolfe, Baird, HWM, Elevance, Comm, Flywire Organizations: UBS, Nike, Apple, Walmart, Piper, Signet, Superior Unit, Costco, Citi, adv, 2Q, Meta, Digital Ad, Bank of America downgrades, Supply, Bank of America, HSBC, Zynga, Disney, Mizuho, Howmet Aerospace, Airbus Locations: Wells Fargo, 2Q23

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