Deutsche Bank Lowers PT on Mediamind to $17 (MDMD)

Deutsche Bank is out with its report today on Mediamind

, lowering its PT from $18 to $17. In a note to clients, Deutsche Bank writes, "We maintain our Buy investment rating on shares of MediaMind, and lower our price target from $18 to $17 due to our lower estimates in the near term. Overall, the 4Q revenue and earnings performance reinforced our core investment thesis that the MediaMind platform is positioned well to grab a growing share of the online display advertising market globally. There does appear to be a higher level of investment to support the business and its growth initiatives, at least in the near-term, which has led us to lower our estimates for 1H 2011 before the benefits begin to accrue in the back half." Shares of MDMD traded after hours at $14.50, down 9.03% from Tuesday's close.