UPDATE: Deutsche Bank Downgrades Crown Holdings to Hold on Valuation

Deutsche Bank reduced its rating on Crown Holdings

from Buy to Hold and reiterated its previous $40 price target. Deutsche Bank noted, "Crown should benefit in 2013 from newly-installed capacity in emerging markets as well as additional bevcan expansions. There is some risk to European vol's from weak consumer demand due to economic turmoil in the region. However, Crown's product profile (food & bev cans) is typically considered relatively "defensive" is an uncertain environment. Through consistent & strong FCF generation, we expect management to continue its practice of returning cash to shareholders through share repurchase. At current levels, the stock is trading well above its historical trading averages." Crown Holdings closed at $37.35 on Friday.