Analysts at Deutsche Bank have adjusted their target prices for pubco stocks and said they are more cautious of long term growth rate. In a note entitled “Winter of Discontent”, Geoff Collyer and his team say they don't expect a recovery in pub shares until H2 2010. However, Deutsche Bank retains it buy status for Enterprise and Greene King, saying: “It is tough to find any good news in the sector at the present, but we see these two stocks as having the best chance of seeing ou the worst of the downturn.” The analysts also add that they do not see Enterprise's cash flows being impacted by a possible conversion to a REIT. But they warn: “However, we see the probability of REIT conversion in 2009 as materially reduced, due to recent volatility and turmoil in the financial markets.”