UPDATE: Deutsche Bank Downgrades NTT DoCoMo to Hold on No Discernible Upside Catalysts

Deutsche Bank lowers its rating on NTT DoCoMo DCM from Buy to Hold and reduces its Yen-denominated price target on the stock by 13.9 percent. Deutsche Bank comments, "We lower our rating to Hold and set a TP of ¥143,000 because we do not see upside despite the shares' lower price. NTT DoCoMo is taking a new direction to attract subscribers, but we are unsure on the efficacy its pricing strategy can have without carrying the iPhone, and see risk of a war of attrition. We believe investors are unlikely to favor the company for cutting expenses to achieve OP of ¥900bn while it ratchets down prices for handsets in FY3/13." DCM closed at $15.83 on Friday.