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BUZZ-StanChart: slips from 6-month high on Deutsche Bank downgrade

Reuters - UK Focus

** Standard Chartered (HKSE: 2888.HK - news) 's shares down 3.4%, top fallers on the FTSE 100

** Deutsche Bank (LSE: 0H7D.L - news) downgrades STAN to "sell" from "hold"; cuts PT to 454p from 460p as it believes revenue outlook remains challenging

** Stock rose to a 6-month high on Tuesday as profits weren't as bad as first feared

** The long-term valuation of STAN should be driven by 2018 returns, not near-term improvements in credit quality, Deutsche Bank says

** Valuation metrics expensive with stock's P/E at 141% premium to peers (Thomson Reuters (Dusseldorf: TOC.DU - news) data)

** Analysts skewed bearish with median PT of 490 pence, or nearly 12 pct below current levels (RM (LSE: RM.L - news) : aastha.agnihotri.thomsonreuters.com@reuters.net)