UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Chemed Corporation

In a report published Wednesday, Deutsche Bank reiterated its Hold rating on Chemed Corporation CHE, and raised its price target from $67.00 to $70.00. Deutsche Bank noted, “Q3 results: VITAS slightly below, softness in Roto Rooter remains. CHE reported results today below expectations. VITAS results were slightly below, while Roto Rooter was largely a miss with margins continuing to be under pressure. 2012 guidance was tightened and generally lowered. We are rolling out 2014 estimates and roll forward our PT to $70 ($67) to base off 2014E which equates to ~7.5x EV/EBITDA. Maintain Hold.” Chemed Corporation closed on Tuesday at $68.59.