UPDATE: Deutsche Bank Lowers Target to $5 on Monster Worldwide

Deutsche Bank maintains its Sell rating on Monster Worldwide

and lowers its price target to $5 from $6 on downside in shares due to revenue and profit declines in 2012. Deutsche Bank comments, "At 48x 2013E GAAP EPS & 22x 2013E PF EPS, shares of Monster have downside due to revenue & profit declines in 2012 -- far worse than the broader staffing industry. We believe both cyclical effects and structural issues are affecting Monster, resulting in a trend similar to early 2009. Unless the co. reduces job posting prices, increases marketing spend (to build job seekers) & reduces its expense base, we do think its competitive position and profits will further erode in coming years." MWW closed at $7.15 a share on Thursday.