UPDATE: Deutsche Bank Downgrades Aviva Plc to Hold

Deutsche Bank has published a report on Aviva Plc

that downgraded the stock from Buy to Hold. In the report, Deutsche Bank wrote, "Aviva's share price has lifted >40% since its June lows. Though much of this has been driven by the improved macro backdrop, it also reflects greater confidence in Aviva itself following the unveiling of the new management strategy in July. We remain strongly supportive of the group's plans; however, even if these are delivered in full (which for the cost savings won't be clear before 2014), the narrowing PE discount to the sector now leaves little room for disappointment. On valuation grounds, therefore, we downgrade to Hold." Aviva Plc is currently trading down 1.01 percent from Friday's $11.85 closing price.