UPDATE: Deutsche Bank Downgrades Associated Banc Corp to Hold on Comparative Upside

Deutsche Bank downgraded Associated Banc Corp ASBC from Buy to Hold and maintained its price target at $14.00. Deutsche Bank said, "We continue to believe ASBC is well positioned as a defensive play amongst the mid-cap banks given (1) expected NIM stability near-term, (2) continued loan growth above the industry, (3) efficiency initiatives and declining BSA costs, and (4) a solid capital deployment outlook. Further we expect an EPS beat in 4Q12 on lower expenses and provision, with stronger fee income. While the shares have performed well since Jan. 2012 (+20% vs. +11% for the mid caps), we see less upside near-term vs. our other Buy-rated names following the recent run in the stock after the announcement of the share repurchase plan in November." Associated Banc Corp closed at $13.87 on Monday.