UPDATE: Deutsche Bank Raises PT to $103 on Perrigo

Deutsche Bank increases its price target on Hold-rated Perrigo

from $100 to $103 following three days of meetings with the company's management in Europe that yielded data points on operations and outlook. Deutsche Bank says, "Post these meetings, we continue to believe that there is much to like about Perrigo. It 1) is the dominant player in its primary market with no significant competitor, 2) has a sustainable, diversified revenue stream with strong cash flows, and 3) has a sound multi-pronged strategy for longterm growth. However, both its historically high multiple and premium to forward growth appear to reflect these factors. In addition, the last two quarters its flagship consumer division posted results below estimates." PRGO closed at $104.14 on Friday.