Last checked at 
Deutsche Bank rises 1.7 percent, the third biggest riser on afalling German DAX 30, with traders citing an upgrade to the stock byCredit Suisse to "outperform" from "neutral" on valuation grounds.
Volume in the stock is 37 percent of the 90-day average by mid-morningtrade, double that of the broader index.
Credit Suisse sees Deutsche Bank has having being well-placed for pricegains in an investment banking sector which in general remains dogged byissues.
"With the market starting to worry about whether the worst of the regulatoryimpact is ahead rather than behind us, our analysis suggests that the EuropeanIBs will remain range-bound, with Deutsche Bank currently trading towards thebottom of the range," analysts at Credit Suisse write in a note.
Deutsche Bank joins HSBC on Credit Suisse's list of bankingoutperformers, and is preferred to Barclays and UBS, ratedneutral, and RBS, rated at underperform.
The German bank also trades at a favourable valuation to its peers, at aprice-to-book value of just 0.5, compared to 1.1 for HSBC and 1.3 for UBS,according to Thomson Reuters StarMine data.
Reuters messaging rm://alistair.smout.thomsonreuters.com@reuters.net
