UPDATE: Deutsche Bank Downgrades QEP Resources to Hold, Lowers PT on Marking to Market

In a report published Friday, Deutsche Bank analyst Stephen Richardson downgraded the rating on

from Buy to Hold, and lowered the price target from $37.00 to $34.00. In the report, Deutsche Bank noted, “Over the past 12-months QEP has made the right moves, shifting the upstream asset to oil and realizing value from the midstream business. Our thesis has been that the asset was fundamentally undervalued and these actions would address the gap. While the relative value is no longer a debate, after YTD performance (~2800 bps relative to the EPX) we struggle to formulate or support a buy thesis. We remain fans of QEP management and capital allocation approach, but mark to market our rating and look to construct a viable thesis in support of sustainable outperformance.” QEP Resources closed on Thursday at $28.60.