UPDATE: Deutsche Bank Upgrades Ashland to Buy

Deutsche Bank is out with its report today on Ashland ASH, upgrading ASH from Hold to Buy. In a note to clients, Deutsche Bank writes, "Ashland shares are down 13% since May 31 due to a FQ3 preannouncement, a larger than expected base oil price increase and global growth concerns. As a result, Ashland shares are now below where they were prior to the ISP acquisition despite ISP being highly accretive ($1-plus in '12). With Ashland the most levered US chemical company to lower oil prices and oil prices down 18% in the past 7 weeks, we believe raw materials will become a tailwind over the coming months. With valuation attractive at 10.3x'12E EPS vs peers at 12.0x, we upgrade Buy." Deutsche Bank maintains a $75 PT on ASH. Shares of ASH closed Friday at $59.73, down 0.68% from Thursday's close.