Deutsche Bank downgraded Yum China Holdings (NYSE: YUMC) from Buy to Hold with a price target of $36.61 (from $34.72).

Analyst Anne Ling says the competitive environment has intensified and downgrades the name citing moderation of operating margins relative to expectations.

Further Ling comments "Yum China will, however, continue to display both operating leverage across its vast network coverage and in the substantial areas where it has room to grow."

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Shares of Yum China Holdings closed at $40.13 yesterday.