Spectrum Brands downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank analyst Steve Powers downgraded Spectrum Brands to Hold from Buy with a price target of $70, up from $63. The analyst cites valuation for the downgrade. He sees Assa Abloy’s announced agreement last week to sell Emtek and the Smart Residential business in the U.S. and Canada to Fortune Brands as rebalancing Spectrum’s "risk/reward from here more neutrally." Powers also sees ore material downside if the Hardware and Home Improvement deal is further delayed or the Justice Department prevails in court.