UPDATE: Deutsche Bank Lowers PT on OMNOVA Solutions to $8

Deutsche Bank is out with its report today on OMNOVA Solutions OMN, lowering its PT from $9 to $8. In a note to clients, Deutsche Bank writes, "With productivity and operating initiatives gaining traction, albeit at a more moderate pace than we expected, we are lowering our '12 EPS estimate to $0.85 from $1.00. With valuation a fair 11.4x '11E EPS, Buy. Our $8 target is based on OMNOVA trading at 9.4x ‘12E EPS in 12mos, a discount to differentiated chemical peers." Shares of OMN closed Wednesday at $6.84.