UPDATE: Deutsche Bank Downgrades Hawaiian Holdings to Hold on Yen Weakness, Capacity Headwinds

Deutsche Bank downgraded Hawaiian Holdings

from Buy to Hold and lowered the price target from $10.00 to $7.00. Deutsche Bank commented, "We are lowering our 2013 EPS estimate from $1.55 to $0.90 (vs. consensus of $1.34) as we think Hawaiian's margins are likely to remain under pressure for at least 1H 2013 due to: yen weakness; excess supply in several key markets; and the launch of several new markets. While we think Hawaiian will continue to remain profitable for 2013, our new 12 month price target of $7 derived from our reduced EPS forecast implies only 7% upside for HA shares from last close of $6.54. As such, we believe the shares no longer warrant a Buy rating, hence the change to Hold." Hawaiian Holdings closed at $6.54 on Tuesday.