UPDATE: Deutsche Bank Downgrades Goldman Sachs Group to Hold on Valuation, Regulatory Uncertainty

Deutsche Bank downgraded Goldman Sachs Group

from Buy to Hold and maintained a $144.00 price target. Deutsche Bank noted, "GS shares are up about 50% since early August given solid 2H12 revenue and very good 4Q expense mgmt. However, GS now trades in line on our 2013E and at a 15-20% premium on our 2014/2015E and a similar premium to tangible book vs. peers. Vs. peers, one could argue, from here, there's more regulatory uncertainty coming (swap reform, Volcker, Basel 3), less of an expense story and more uncertainty from CCAR (expectations have been lowered elsewhere and are somewhat unclear at GS, in our view)." Goldman Sachs Group closed at $144.96 on Thursday.