UPDATE: Deutsche Bank Upgrades Cincinnati Financial from Sell to Hold and Lowers PT from $24 to $23

Deutsche Bank has published a report on Cincinnati Financial (NASDAQ: CINF) upgrading the rating for the company's stock from Sell to Hold and lowering the price target from $24 to $23 following a reduction in share price.

In the report, Deutsche Bank wrote, "Shares of Cincinnati Financial fell 11% during the 8/4-8 market plunge. Including the dividend, we believe downside is less than 5% (at these market levels), following the 8/9 market rally. Further, while CinFin's recent decline was in-line with the S&P 500's 3-day decline, it outperformed financials over that stretch. The stock now trades at 86% of 3Q11 book, a fair valuation for a company whose results have correlated with the market, albeit at a lower beta."

Deutsche Bank upgraded Cincinnati Financial from Sell to HOLD and lowered the price target from $24.00 to $23.00. Cincinnati Financial closed Tuesday at $25.46.