UPDATE: Deutsche Bank Downgrades Baxter International to Hold, Reiterates $63 PT

In a report published Monday, Deutsche Bank downgraded its rating on Baxter International BAX from Buy to Hold, and reiterated its $63.00 price target. Deutsche Bank noted, “Given the outperformance of the stock this year, the publication of our Global FITT hemophilia report, and the upcoming analyst day, we decided to revisit Baxter. We believe the market is already viewing the analyst meeting as a positive catalyst and as we move beyond it, recombinant competition concerns are likely to become more of an overhang as competitors release data in the coming months. Alzheimer's is a wildcard; we don't feel comfortable using that to justify being more positive. Though we see the potential for some upside to the current price, particularly around the analyst meeting, it is no longer enough to support a Buy rating and hence we are downgrading to Hold.” Baxter International closed on Friday at $61.01.