UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Zimmer Holdings

In a report published Friday, Deutsche Bank reiterated its Hold rating on Zimmer Holdings

, and raised its price target from $74.00 to $78.00. Deutsche Bank noted, “Largely as expected; 2013 is all about execution - Zimmer 4Q12 sales of $1,181M were slightly above First Call ($1,173M). Trends in the US improve, while Europe weakened. Net/net, the global market looks reasonably stable. EPS beat FC/DB by $0.02 which relative to our model was on lower R&D and taxes. Initial 2013 EPS guidance bracketed Consensus. Constant currency sales growth guidance implies acceleration from reflecting Zimmer's confidence in its new products (mainly the new Persona knee) and its execution. No change to our investment rating. We maintain our Hold rating, though we are increasing our PT to reflect slightly more optimism around market trends.” Zimmer Holdings closed on Thursday at $74.60.