UPDATE: Deutsche Bank Downgrades Rentrak to Hold

Deutsche Bank cuts its rating on Rentrak

to Hold from Buy with an unchanged target of $21. Downgrade is primarily driven by valuation. Deutsche Bank notes, "We are downgrading Rentrak from Buy to Hold based primarily on valuation, as we believe the company's recent momentum in the local TV business is priced in, though we are also a bit more cautious on the sustainability of this momentum in light of our channel checks and the potential chilling effect on Rentrak's progress when Nielsen articulates its own strategy later this year. At 19x calendar 2013 EBITDA and the share price now within 6% of our $21 target, which we see no reason to change, we are adopting a neutral stance." RENT closed at $20.16 a share on Thursday.