UPDATE: Deutsche Bank Downgrades Johnson & Johnson to Hold, Raises PT on Valuation

In a report published Wednesday, Deutsche Bank analyst Kristen Stewart downgraded the rating on

from Buy to Hold, but raised the price target from $92.00 to $93.00. In the report, Deutsche Bank noted, “Our Buy rating was based on our view that the stock's valuation previously had not fully reflected the improving/positive fundamentals including the strong pharma franchise and pipeline, the prospects for improvement in Consumer, and potential for some improved utilization in MD&D. Considering the stock's YTD performance and PE expansion, we now believe the stock's valuation is more fair and thus we are downgrading to a Hold. We still see some upside and believe JNJ should be a core healthcare holding given the fundamentals, though at this level do not see enough upside to warrant a Buy.” Johnson & Johnson closed on Tuesday at $90.40.