UPDATE: Deutsche Bank Raises PT to $45 on The Corporate Executive Board
Deutsche Bank reiterates its Buy rating on The Corporate Executive Board (NYSE: TBI) and raises its price target to $45 from $43 as it raises estimates on the company's expanding market share.
Deutsche Bank says, "As EXBD continues to become a more predictable company, helped by its subscription revenue stream, we believe its multiple will expand. Our 1Q12E EPS goes from $0.46 to $0.37 (prior Street $0.43), while 2Q12E EPS goes from $0.46 to $0.40 (prior Street $0.42). Our 2012E EPS increases from $1.90 to $1.92 (prior Street $1.88). We are raising our PT from $43 to $45 due to higher '13E EPS, helped by the acquisition. We rate EXBD a Buy due to the attractive 13.5x FCF valuation for 10%/ 15% revs/ EPS growth."
TBI closed at $41.47 a share on Wednesday.
