UPDATE: Deutsche Bank Downgrades YY on Valutation

In a report published on Friday, Deutsche Bank Markets Research analyst Alan Hellawell III downgraded YY YY from Buy to Hold and raised the price target on the company from $30 to $46. In the report, Deutsche Bank Markets Research stated, "YY's solid execution and innovative business model have paid off, evidenced by a rapidly expanding paying user base and significant monetization improvements. While the market seems to have expressed increasing confidence in the business, we believe the recent stock rally has largely reflected this revamped view in the risk/reward profile of the co; YY now trades at 38x our revised FY13E non-GAAP EPS." YY closed on Thursday at $41.84.