Target $3.45, page-32

Apparently it was the note from Deutsche bank... just read this from Motley Fool

The G8 Education Ltd (ASX: GEM) share price has been amongst the worst performers on the S&P/ASX 200 index this morning.At the time of writing the childcare centre operator’s shares are down a sizeable 4.5% to $3.15.Why is the G8 Education share price tumbling lower today?With no news out of the company, today’s decline appears to be related to a reasonably bearish broker note out of Deutsche Bank this morning.According to the note, the broker has downgraded the company’s shares to a sell rating from hold. Deutsche has a price target of $2.70 on G8 Education’s shares, implying potential downside of over 14% even after today’s decline.Deutsche’s analysts downgraded G8 Education’s shares due to concerns that it could be underperforming the rest of the industry and experiencing weaker than expected occupancy levels.Not everyone is bearish on G8 Education, though. A note out of UBS this morning has declared the childcare centre operator’s shares a buy with a $3.80 price target.This price target implies potential upside of almost 21% for its shares over the next 12 months excluding dividends.According to that note, analysts at UBS believe there is upside risk to its earnings from occupancy improvements and price increases.