UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Johnson & Johnson

In a report published Wednesday, Deutsche Bank reiterated its Hold rating on Johnson & Johnson

, and raised its price target from $72.00 to $75.00. Deutsche Bank noted, “3Q12 beats; Maintain Hold Rating. J&J's 3Q12 EPS of $1.25 were better than expected on a slightly higher topline and lower SG&A expenses. Excluding FX and Synthes, sales were up 5%, which marks the best quarter in a number of years as J&J anniversaries patent expirations and sees growth driven by new product launches. The MD&D businesses continue to see more modest growth due to muted utilization trends. While our EPS forecasts and rating (Hold) are unchanged, we are raising our price target to $75 (from $72) to reflect a sum-of-the-parts peer valuation.” Johnson & Johnson closed on Tuesday at $69.55.