UPDATE: Deutsche Bank Downgrades C.H. Robinson On Weaker-Than-Expected Accounting Leverage

In a report published Wednesday, Deutsche Bank analyst Justin Yagerman downgraded C.H. Robinson Worldwide

from a Buy rating to a Hold rating and lowered the price target from $65.00 to $60.00. In the report, Deutsche Bank says "Yesterday, CHRW hosted its second-ever Investor Day in New York, NY. The company discussed its long-term growth objectives and productivity initiatives as well as both the secular and cyclical factors that are impacting its truck brokerage and freight forwarding operations. Although we continue to believe that the bears are underestimating CHRW's growth potential, we now see the shares as fairly valued. We have lowered our 2014 EPS estimate due to weaker-than-expected operating leverage (due to a combination of mix [more freight forwarding] and headcount growth/wage inflation that will likely increase as CHRW takes market share. HOLD." C.H. Robinson closed on Tuesday at $58.95.