UPDATE: Deutsche Bank Initiates Coverage on Express Scripts Holding as There are Still More Questions Than Answers

In a report published Thursday, Deutsche Bank analyst George Hill initiated coverage on

with a Hold rating and $73.00 price target. In the report, Deutsche Bank noted, “We are initiating coverage of ESRX shares with a Hold rating. Express Scripts is the largest and most mature of the three publicly-traded pharmacy benefit managers, generating more than $100 billion in revenue. In short, we find valuation to be fair with room for multiple expansion, but there remains significant investor concern regarding the impact of reform and exchanges, PBM price competition, client churn and the company's ability to deliver all of the promised synergies of the Medco transaction. We prefer to wait for a more attractive entry point.” Express Scripts Holding closed on Wednesday at $65.18.