UPDATE: Deutsche Bank Downgrades Mednax; Lowers PT

According to a research report published this morning, Deutsche Bank has downgraded Mednax MD from Buy to Hold, and lowered PT from $81 to $73. In the report, Deutsche Bank commented, "Our U/G last Oct was predicated on growth in the core business stabilizing in the 3% to 3.5% range, and much greater potential earnings upside / multiple expansion from an accelerating M&A trend. We acknowledge that it is still early in MD's anesthesia M&A trajectory. Yet, we fear the co's slower pace of deals, coupled with a change in the co's margin profile due to the mix of acquired businesses, will lead to less multiple expansion than originally thought." Mednax closed yesterday at $70.45.