UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Magellan Health Services

In a report published Wednesday, Deutsche Bank reiterated its Buy rating on Magellan Health Services

, but lowered its price target from $64.00 to $61.00. Deutsche Bank noted, “MGLN's 2013 guidance included a forecast for solid +10-16% revenue growth although operating earnings will be negatively impacted by nearly $0.55/share of strategic investments and start-up losses in the Medicaid and Pharmacy segments. MGLN guided for robust 25-30% top-line growth in the Radiology and Pharmacy Solutions segments and positive but relatively slower growth rates in Public Sector and Commercial behavioral. We are trimming our 2013-2014 EPS estimates. Reaffirm Buy based on robust revenue growth prospects and pristine balance sheet.” Magellan Health Services closed on Tuesday at $49.94.