Published: Monday, 10 November 2025
German equities rallied to start the week, led by Siemens Energy and Commerzbank after fresh analyst upgrades propelled both stocks to the top of the DAX. The benchmark index finished up 1.65% at 23,959.99, aided by broader risk-on sentiment as investors bet on progress in the U.S. budget impasse. 1
Key takeaways
- Jefferies upgrades Siemens Energy to “Buy,” hiking the price target from €55 to €134; shares jumped and touched €107.40 intraday. 2
- Commerzbank upgraded to “Buy” by Deutsche Bank Research with a new €37 target; the stock spiked to €33.34 at the day’s high. 3
- DAX closes higher by 1.65% as global risk appetite improves at the start of the week. 1
Siemens Energy leads after Jefferies calls for €134 target
Siemens Energy (Xetra: ENR) rallied after Jefferies shifted its rating to “Buy” and more than doubled its price target to €134. Analyst Lucas Ferhani argued the company’s product portfolio is positioned against the energy sector’s most pressing needs, pointing to sustained demand drivers. The upgrade, published over the weekend, drove the stock up as much as 5.5% intraday to €107.40. 2
By late afternoon in Frankfurt, Siemens Energy was still among the day’s top risers, recently quoted around €107 (about +5%), according to market snapshots. 4
Commerzbank climbs on Deutsche Bank Research upgrade
Commerzbank (Xetra: CBK) surged after Deutsche Bank Research raised the shares to “Buy” from “Hold” and lifted its price target to €37. Analyst Benjamin Goy cited a return to growth, stronger capital generation and a more upbeat view on payout potential versus market expectations. The stock spiked to €33.34 at the high and extended gains into the session. 3
Late-session price boards showed Commerzbank still firmly higher, reflecting follow-through buying on the new rating and target. 5
Market backdrop: Risk-on mood lifts the DAX
The DAX advanced 1.65% to 23,959.99 at the Xetra close—its best daily gain in three weeks—amid signs of movement toward resolving the U.S. government funding standoff, which helped rekindle hopes for a year-end rally in Europe. 1
By the numbers: Siemens Energy and Commerzbank
- Siemens Energy identifiers: ISIN DE000ENER6Y0, WKN ENER6Y, symbol ENR. 52‑week range recently cited at €38.71–€113.95 (the high reached on Nov 3, 2025). 6
- Commerzbank identifiers: ISIN DE000CBK1001, WKN CBK100, symbol CBK. 7
What’s next
Investors now turn to Siemens Energy’s Q4 FY2025 results on Friday, Nov 14, 2025, followed by its Capital Markets Day on Nov 20, 2025—two events that could test the durability of today’s upgrade-fueled rally. 8
Why it matters
Analyst calls often catalyze momentum in heavyweight DAX constituents, and today’s dual upgrades concentrated flows into energy infrastructure and banking—two pillars of Germany’s equity market. If Siemens Energy backs up Jefferies’ thesis with guidance and cash-flow proof points later this week, and if Commerzbank confirms stronger capital returns, these moves could extend. For now, the market’s vote is clear: upgrades delivered, prices responded. 2
Disclosure: Market prices referenced are from today’s Frankfurt session and may reflect delayed feeds. Always check live quotes before making trading decisions. 4
Sources: dpa‑AFX/finanzen.net, WELT market reports, Onvista/MarketScreener analyst flashes, and Siemens Energy Investor Relations calendar. 2
