Deutsche Bank has downgraded Deutsche Börse just a few months after leading the initial public offering of the German exchange alongside Goldman Sachs.

The downgrade - from Buy to Market Perform - is a rare case of a bank being anything less than wholly bullish on one of its corporate clients, especially so soon after the IPO. Goldman's analysts currently rate Deutsche Börse, which has seen its share price jump over 19% since its IPO, as a Market Outperform.