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UPDATE: Deutsche Bank Reiterates On Becton, Dickinson and Co. On Relative Valuation

Dwight Einhorn

In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on Becton, Dickinson and Co. (NYSE: BDX), and raised the price target from $119.00 to $123.00.

In the report, Deutsche Bank noted, “BD continues to deliver though valuation mostly captures prospects. BD's F3Q14 sales and EPS came in slightly ahead of Consensus expectations though the company maintained its FY14 guidance. Becton has had fairly consistent results over the past several quarters and we believe constant currency sales growth of 4.5%-5.0% is sustainable. With operating margin expansion and tax rate management, we expect BDX to sustain a double-digit EPS growth profile. While we like the fundamental prospects for the company, we believe the relative valuation does mostly reflect it. We maintain our Hold rating.”

Becton, Dickinson and Co. closed on Thursday at $116.24.

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