CME Group downgraded to Hold from Buy at Deutsche Bank (earlier)

Deutsche Bank analyst Brian Bedell downgraded CME Group earlier this morning to Hold from Buy with a price target of $210, down from $235. The analyst sees a lower trading volume forecast starting in Q2 and persisting, mostly within the interest rate complex. This is due to lower than expected volumes observed in late Q1, but also assumptions of lower volatility in markets and rates for much of this year than previously assumed, the analyst tells investors in a research note. The firm no longer expects material valuation improvement for CME shares within its 12-month valuation horizon.