UPDATE: Deutsche Bank Reduces PT to $27 on CBOE Holdings; Macro and Valuation Headwinds

Deutsche Bank lowers its price target from $28 to $27 on Hold-rated CBOE Holdings (NASDAQ: CBOE) as the company faces a tough environment despite beating expectations in Q1. Deutsche Bank says, "CBOE reported op. EPS of $0.37, beating our/Street est of $0.36, due to lower than expected expenses. Despite healthy relative growth/market share gains at CBOE, given the challenging macro / lower growth environment (and tough comps), lower pricing, some reg uncertainty, & valuation, we remain at Hold."CBOE closed at $26.64 on Tuesday.