UPDATE: Deutsche Bank Raises PT on Becton, Dickinson and Co. on Strong F1Q13 Sales and EPS

In a report published Wednesday, Deutsche Bank reiterated its Hold rating on Becton, Dickinson and Co.

, and raised its price target from $85.00 to $89.00. Deutsche Bank noted, “F1Q13 sales and EPS were ahead expectations. Sales were up 5.2% ex-FX and included ~10bp from acquisitions and ~50bp benefit from an earlier flu season. BD increased the low end of its constant currency guidance, though FX was the primary driver behind the higher EPS guidance. We were encouraged by the performance of the top line as well as gross margins in the quarter which combined with the higher EPS outlook prompted us to raise our PT to $89 from $85. However, given the relative valuation, we maintain our Hold rating.” Becton, Dickinson and Co. closed on Tuesday at $87.67.