UPDATE: Deutsche Bank Downgrades Trulia to Hold on Valuation

Deutsche Bank downgraded Trulia TRLA from Buy to Hold and raised the price target from $30.00 to $34.00. Deutsche Bank noted, "We downgrade our rating on Trulia shares from Buy to Hold as the current stock price exceeds our upwardly revised target price of $34 (from $30). The company has been executing well, and we continue to see meaningful upside to our estimates given the size of the real estate advertising end market at $24bn and tailwinds from the real estate recovery. We would be more bullish on any pullback under $30/share." Trulia closed at $35.35 on Friday.