UPDATE: Deutsche Bank Downgrades Kronos Worldwide to Hold

Deutsche Bank lowers its rating on Kronos Worldwide

to Hold from Buy and cuts its price target $1 to $23 as it revises EPS estimates for 2013 to reflect higher ore costs. Deutsche Bank says, "Following revisions to our model to reflect higher feedstock ore costs, we have lowered our 2013E EPS by $0.65 to $2.75, up 6%. With paint companies reducing their TiO2 usage through a multitude of actions, feedstock ore costs likely to peak in 2012/13 as new projects come on-stream and minimal TiO2 capacity being added, we believe the TiO2 cycle is entering a new phase of stabilization with earnings likely to hold steady at current levels through 2015." KRO closed at $22.56 a share yesterday.