"This is not a very worrying miss, " said Bill Stacey, an analyst at Aviate Financials in London.

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Some 74% of sell-side analysts have a negative rating on Commerzbank, according to Dan Waterman of brokerage Aviate Global, and the stock has been heavily shorted by hedge funds.

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Aviate Global broker Dan Waterman believes Maersk is undervalued, and he sees the stock as a play on improving global trade flows that have already started to show some improvement.

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An index of 13 European renewable stocks tracked by broker Dan Waterman of Aviate Global, with the majority in solar, has fallen some 10% since Jan. 7 while the Dow Jones Eurostoxx 500 index has remained about flat in the same time period.

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