UPDATE: Deutsche Bank Downgrades Copa Holdings to Hold, Maintains $100 PT

Deutsche Bank has downgraded Copa Holdings SA

from Buy to Hold and maintained its price target of $100. Deutsche Bank noted, "Copa is currently trading at 12.2 times our 2012 forecast and 11.0x our 2013 forecast – historically the stock has traded 10.9 times current year and 9.9 times next year's earnings. Our $100 12-month PT represents only 4% upside from last close of $95.85. Our valuation work incorporates P/E and P/CF multiples. Our PT is derived from applying a P/E multiple of 11 to our 2013 EPS estimate, in line with its historical average. Our ratings change also considers the application of a next year multiple to our 2014 EPS estimate of $10.00 given that we are at the end of the year. That calculation would get us to a 12 month price target of about $110 per share which is only a bit more than 10% above where the stock has been trading. At our $100 price target, Copa's P/CF multiple would be 9x our 2013 estimate, also in line with its historical multiple." Copa Holdings closed at $95.85 on Thursday.