UPDATE: Deutsche Bank Downgrades The Corporate Executive Board Company to Hold

Deutsche Bank reduced its rating on The Corporate Executive Board Company

From Buy to Hold with a reiterated $50 price target. Deutsche Bank commented, "CEB reported a stronger than expected 2Q with Contract Value organic growth accelerating 1pt on a 1pt easier comp. With trends since 2Q weakening in Europe and marginally weaker in the US, CEB's corporate discretionary driven revenue could show some slight deceleration. We also believe that with the acquisition of SHL, CEB is now slightly more cyclical than the old CEB, plus obviously has increased exposure to Europe (now approx 25% versus about 15% previously)." The Corporate Executive Board Company closed at $49.78 on Wednesday.