UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on E-House (China) Holdings Limited on Operations Improvement

In a report published Thursday, Deutsche Bank analyst Jason Ching reiterated a Buy rating on E-House (China) Holdings Limited

, but lowered the price target from $9.50 to $6.10. In the report, Ching noted, “Over the past two years, E-House's financial performance was severely hit by volatile market conditions and heavy initial investments/costs associated with its online businesses. Following a series of cost restructuring and implementation of cost-saving measures, alongside a sustained recovery in the primary agency unit, operations saw a strong sequential improvement in 4Q12. On the back of the rather mild impact on primary sales volume from recent policy noises, we expect E-House's overall operating environment to remain favorable ahead. In particular, we expect a further improvement in operating leverage to drive a recovery of financial performance in FY13. Maintain Buy.” E-House (China) Holdings Limited closed on Wednesday at $4.82.