UPDATE: Deutsche Bank Downgrades Siliconware Precision Industries to Hold

Deutsche Bank lowers its rating on Siliconware Precision Industries

from Buy to Hold on limited upside to the current $37 price target. Deutsche Bank says, "We remain positive on the company's improved fundamentals, including a margin recovery, market share gain in Qualcomm from 4Q12 onwards, and catch-up in copper migration. However, we believe the market has priced in these positives after a 40% share price rebound since the trough in 4Q11 and the current 2012 PB is close to the midcycle average of 1.9x. We suggest investors wait for better entry points." SPIL closed at $34.55 on Wednesday.