Deutsche Bank Downgrades Corporate Executive Board (CEB) to Hold; Prefer TW/HURN

Deutsche Bank downgraded Corporate Executive Board (NYSE: CEB) from Buy to Hold with a price target of $50.00.

Deutsche analyst said, "We are lowering Corporate Executive Board to a Hold as the stock has reached our $50 price target and target valuation of 13x '13E P/FCF...We prefer Towers Watson (NYSE: TW)(Buy, $67 price target) and Huron Consulting (Nasdaq: HURN)(Buy, $38 price target), our two remaining Buys in the consulting segment...Strong 2Q results but macro trends have gotten weaker since then CEB reported a stronger than expected 2Q with Contract Value organic growth accelerating 1pt on a 1pt easier comp. With trends since 2Q weakening in Europe and marginally weaker in the US, CEB’s corporate discretionary driven revenue could show some slight deceleration. We also believe that with the acquisition of SHL, CEB is now slightly more cyclical than the old CEB, plus obviously has increased exposure to Europe (now approx 25% versus about 15% previously)."

For an analyst ratings summary and ratings history on Corporate Executive Board click here. For more ratings news on Corporate Executive Board click here.

Shares of Corporate Executive Board closed at $49.78 yesterday.

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