UPDATE: Deutsche Bank Raises Target to $49.50 on Life Tech

Deutsche Bank maintains its Hold rating on Life Tech (NASDAQ: LIFE) and raises its price target to $6 from $4.50 on the company's transition, highlighted by management change.

Deutsche Bank says, "Key takeaways: 1) PACB placed 17 instruments in the Q, driving above consensus revenues of $12.4 MM; 2) Total ending backlog at 16 systems, with 6 new orders in the Q. 3) Initiated 1H'12 revenue guidance in the range of $14-16MM (ex new bookings). While we expect FY12 to be a transition year, we reiterate our Buy rating based on increased confidence in PACB's LT opp given the appointment of CEO, Dr. Hunkapiller, (sequencing pioneer)."

LIFE closed at $4.93 a share on Tuesday.