UPDATE: Deutsche Bank Downgrades Audience to Sell on Loss of iPhone 5

Deutsche Bank reduced its rating on Audience ADNC from Buy to Sell and reduced its price target from $22 to $5. Deutsche Bank noted, "After the close today, Audience announced that they would not be included in the iPhone 5 and likely not be included in future Apple devices. This news comes as a surprise to us, with the likely launch of the iPhone 5 only a week away and every diligence call with Apple an indication of Audience's inclusion in the next generation handset. Unfortunately we were wrong. As a result of the loss of this key customer, we are downgrading the stock to Sell and lowering our price target to $5." Audience closed at $18.86 on Wednesday.