On February 10, 2009, analysts at WestLB downgraded Hugo Boss shares to "reduce" from "neutral". Eight days later on the 18th of February, Deutsche Bank also downgraded Hugo Boss from "buy" to "hold". Combined with the general downward trend of German stocks after comments from U.S. president Barack Obama, the downgrades sent Hugo Boss shares down over 14% between the 10th and 12th of February.