UPDATE: Deutsche Bank Downgrades DaVita HealthCare Partners

In a note released Friday morning, Deutsche Bank analyst Darren Lehrich downgraded shares of DaVita HealthCare DVA from Buy to Hold and left the $77 price target unchanged.

Lehrich noted,"Our views on the core dialysis business (880 percent of EBIT) remain unchanged: we think DVA has a strong position in the U.S. capable of generating steady growth, and a solid opportunity for long-term growth internationally."

Lehrich also views the HealthCare Partners (HCP) deal as a more long-term positive, but said a Hold rating better reflects his views, given the "likely pacing of HCP's new market strategies."