Deutsche Bank Downgrades Veolia Environnement (VE) to Hold; Too Many Unknowns

Deutsche Bank downgraded Veolia Environnement (NYSE: VE) from Buy to Hold.

Deutsche analyst says, "Although we believe that VE will deliver on disposals, we did not gather enough information to feel secure in fully factoring cost cutting benefits, nor in protecting margins against a severe economic downturn. We see value in the name, but catalysts become scarce until we spot the first signs of a turn-around, unlikely now before the FY11 results in March 2012. Meanwhile the stock appears expensive at 17x 2012 adj PE, and execution risk remains high."

For an analyst ratings summary and ratings history on Veolia Environnement click here. For more ratings news on Veolia Environnement click here.

Shares of Veolia Environnement closed at $12.25 yesterday.

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