UPDATE: Deutsche Bank Initiates Coverage on Imperva at Buy

According to Deutsche Bank, Imperva

coverage is initiated with a Buy rating. Deutsche Bank said that Imperva is a leader in data center security offering a comprehensive suite to secure databases, web applications and files. “Our $31 price target is based on a CY13 uFCF/share estimate of $0.63, an EV/uFCF/G multiple of 1.3x (higher than the peer group for higher growth profile), and a five-year growth rate, net of dilution, of 35% off a relatively small base.” Imperva closed yesterday at $25.74.