Shares in Deutsche Bank climbed to their highest in more than six years on Wednesday, outperforming a weaker banking sector following a Morgan Stanley upgrade to “overweight”.

“Despite 10% outperformance vs the sector over the last 12 months, we think there is more room to go for DBK, as improving IB revenue momentum and better confidence on cost delivery are not fully priced in consensus numbers,” analysts at the U.S. bank wrote in a note.

Shares in the German lender are up over 19% so far in 2024, while the broader European bank index has risen 12%.