UPDATE: Deutsche Bank Downgrades Canon to Hold

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Deutsche Bank published a research report on Canon (NYSE: CAJ) and downgraded the company from Buy to Hold on lowered forecasts.In the report, Deutsche Bank wrote, "We expect a full-fledged recovery from the impact of inventory correction for laser printers in FY12/13, and look for an increasing rebound for digital cameras, mainly SLR models. We think an upturn for laser printer ink cartridges, in particular, can combine with rationalization benefits to support a substantial earnings rebound. We expect FY12/13 OP of ¥415bn (+13.4% over our FY12/12 forecast) on sales of ¥3.774trn (+6.0%, same basis). We revise our EPS forecasts from ¥213.1 to ¥196.1 for FY12/12, from ¥246.4 to ¥230.9 for FY12/13, and from ¥255.7 to ¥243.2 for FY12/14."Canon closed at $35.95 on Monday.

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