Deutsche Bank Downgrades Pfleiderer Shares to Sell

Frankfurt, Germany, Oct. 24, 2008–Deutsche Bank downgraded shares of Pfleiderer from “hold” to “sell”.

The analysts revised their profit estimates and lowered their price target from EUR 7.50 to EUR 6.00. They said an economic downturn will definitely put the targets for the current fiscal year at risk.

The analysts believe that Pfleiderer has experienced losses in the third quarter.