Vivendi downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank downgraded Vivendi (VIVHY) to Hold from Buy with a EUR 2.90 price target The sum of Vivendi’s four entities at one point traded 7% above its previous market capitalization, but “this is less than we anticipated,” the analyst tells investors in a research note. The firm says the market ascribed a larger discount than it modeled due to concerns about governance.