UPDATE: Deutsche Bank Downgrades Murphy Oil to Hold

Deutsche Bank lowers its rating on Murphy Oil

to Hold from Buy, with an unchanged price target of $64, on concerns over oil demand destruction. Deutsche Bank notes, "Going defensive on oil demand destruction and better US supply. We are rotating our recommendation deck away from offense, with oil-levered stocks into large cap defense. ...In refining we see evidence of both demand destruction and excess product supply especially around Chicago but the overall picture is positive. ...We are more cautious on levered refiners at this time." MUR closed at $64.74 a share on Tuesday.