UPDATE: Deutsche Bank Downgrades Hertz Global Due To Accounting Complications

In a report released Wednesday, Deutsche Bank analyst Chris Woronka downgraded Hertz Global HTZ from Buy to Hold, while reducing its price target from $33 to $25.

The downgrade was due to completions of the the company's accounting review influencing Hertz to reduce its full year 2014 guidance. Woronka comments on the 8K report regarding Herz issue, stating "it's difficult to find any positives in the report" including multiple reductions in guidance.

Deutsche Bank's $35 price target is based on a 2015 EPS forecast decrease from 15x to 14x.