UPDATE: Deutsche Bank Downgrades Barclays to Hold on LIBOR-Related Uncertainty

Deutsche Bank reduces its rating on Barclay

from Buy to Hold pending greater clarity following the LIBOR debacle. Deutsche Bank says, "We believe that a SOTP valuation is most appropriate for Barclays, given differences in growth and volatility between businesses. With unchanged earnings forecasts our valuation remains 295p. Excluding the potential overhang from LBOR-related costs, we see the share as exceptionally cheap at 0.4x 2012E TNAV and below 4x 2013E EPS. But, given a lack of visibility on timing and magnitude of potential financial ramifications of LIBOR-rate setting irregularities, we are downgrading from Buy to Hold, pending greater clarity." BCS closed at $10.30 on Friday.