You do have to have some balls to downgrade a stock that just made 1.5BB. I'm not an accountant but... I kind of think DB's downgrade warranted a second look at their call.
Methinks this downgrade has more to do with the fact that German banks are not leading the way out, which they thought they were going to, and they do this to spite the Spanish bank. They risk their calls being ridiculed but... it seems as though Spanish banks leading the way is worse to them than them losing face in the international markets.
One doesn't usually find ANALYST and RESPECT in the same sentence. These are the same people who rated all those toxic assets as "investment grade". Remember?! They are much to blame for the mess we are in today.