Deutsche upgrades Newcrest (NCM) to HOLD from a sell rating after they announced that Sandeep Biswas will succeed Greg Robinson as CEO in the second half of FY14. Mr Biswas was in charge of Rio's Pacific aluminium unit, which made significant operational strides under the incoming Newcrest boss although plans for a sale or initial public offering failed. Deutsche thinks the move will be well received by investors and it could signal the start of further strategic decisions in the next couple of years. Price target is now $11.00. Citi and UBS maintain their sell ratings on the company.