UPDATE: Deutsche Bank Raises Target to $17 on TrueBlue

Deutsche Bank reiterates its Hold rating on TrueBlue (NYSE: TBI) and raises its price target to $17 from $15 as the company gains share in the blue collar market.

Deutsche Bank says, ""EPS $0.07 lower than otherwise due to tax rate. TrueBlue is gaining market share in the US blue collar market due to its construction and aircraft exposure and vertical market strategy. The loss of a tax subsidy cost TBI $0.07 of EPS incrementally for 2012E. Our 1Q12E EPS goes from $0.02 to $0.05 (prior Street $0.04), 2Q12E stays at $0.26 (prior Street $0.27), '12E moves from $0.91 to $0.93 (prior Street $0.94)."

TBI closed at $17.12 a share on Wednesday.