The downgrade from Deutsche Bank comes with a warning that the continued slump in advertising will hurt both the company and the industry. Deutsche Bank analyst Doug Mitchelson believes advertising could be compromised well into 2010, saying, “some investors would like exposure to a potential ad recovery, while others believe advertising will be challenged to grow given the sorry state of the consumer.” This downgrade of CBS comes on the heels of a Caris & Company downgrade several weeks ago, where they said “expectations for better ad pricing later this year are overblown.” See a quote of CBS stock (ticker symbol CBS) by clicking here.