NatWest Group PLC (LSE:NWG) shares were up 2.5% in afternoon trading as analysts provided their assessment of Friday's better-than-expected second-quarter results.
Berenberg raised its share price target to 415p from 350p and restated its 'buy' recommendation, stating the numbers left 'plenty in the tank'.
"We regard a 14% RoTE [return on tangible equity] as a realistic floor." the German bank said in a note to clients.
"These returns can be complemented by superior growth and capital returns versus key peers, in our view.
"Partly as a result, we believe that NatWest can comfortably justify a 25% premium to TBV [tangilbe book value per share] - which can grow by c12% annually - versus a current valuation of around 1.1x TBV [per share]."
In coverage on Monday, Deutsche Bank repeated its 'buy', as did Citi, restating its 360p valuation, saying NatWest's new targets 'seem conservative'.
In afternoon trading, the stock was up 8.5p at 370.4p.