UPDATE: Deutsche Bank Downgrades Greif to Hold

Deutsche Bank lowers its rating on Greif

to Hold from Buy on near-term caution. Price target of $52 is reiterated. Deutsche Bank says, "We're a bit cautious in the near-term. The 2 key issues are continued weakness in European demand and recent pricing pressure in Rigid Industrial Pkg. GEF is also pointing to “modest” margin drag in FY12H2 from start-up of Saudi Fiber Hub. Downgrading GEF from Buy to Hold. However, we're making no change to our $52 PT. The stock is trading near our PT and we see no reason to raise the PT. We note that GEF's cashflow is strong and dividend appears safe." GEF closed at $49.82 a share on Thursday.