UPDATE: Deutsche Bank Initiates Johnson & Johnson at Hold

Deutsche Bank is out with its report today on Johnson & Johnson JNJ, initiating JNJ at Hold. In a note to clients, Deutsche Bank writes, "We believe J&J's pharma pipeline is well understood and do not see any major differences between our forecast and consensus. The exit of coronary stents makes sense but may pressure near-term sales and earnings. We are cautious on the pending Synthes deal. The worst is likely behind Consumer OTC as J&J returns products to market but rebating likely required and private labels continue to pressure. Based on a sum-of-the-parts valuation, we see some upside but not enough to warrant a more positive stance given our inline EPS outlook." Deutsche Bank has a $73 PT on JNJ. At the time of posting, shares of JNJ were trading pre-market at $68.19, up 0.40% from Thursday's close.