Deutsche Bank downgraded Allegheny Technologies (NYSE: ATI) from Buy to Hold with a price target of $17.00 (from $20.00).

Analyst Jorge Beristain said, "We update our model to include the company's 3Q16 results and management's revised guidance. The Flat Rolled Products segment is now anticipated to remain loss making through 2H16 while demand remains weak for many of the company's end-markets other than aerospace. Balance Sheet leverage (ND/EBITDA) is likely to remain above 3.0x through 2018E. On announced decrease in profitability and reduced revenue growth we reduce our PT to $17/share ($20/share prior) and downgrade ATI to a Hold."

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Shares of Allegheny Technologies closed at $14.27 yesterday.