UPDATE: Deutsche Bank Reduces PT to $56 on Rockwood Holdings on Outlook Weakness

Deutsche Bank reiterated its Buy rating on Rockwood Holdings

but reduced its price target from $58 to $56. Deutsche Bank commented, "We are lowering our 2H12 estimates for Rockwood by 8% and our '13 estimates b 6% to reflect lower TiO2 volumes and prices and further weakening in European construction and auto end markets. While 2012 is proving to be more challenging than expected, we are maintaining our Buy rating as i) Rockwood has one of the highest quality portfolios (margins and growth potential) in specialty chemical, ii) valuation is an attractive 6.0x '13E EBITDA and ii) our SOTP analysis comfortably supports our $56 price target, 20% above Friday's close." Rockwood Holdings closed at $46.60 on Friday.