UPDATE: Deutsche Bank Ups Target to $34 on Comcast

Deutsche Bank raises its target to $34 from $33 on Buy-rated Comcast (NASDAQ: CMCSA) as it believe shares are currently trading on depressed valuation.

Deutsche Bank says, "In our view, CMCSA trades at a depressed valuation (11x ‘12E P/E ex-amort) relative to 15+% LT growth, incl. substantial video innovation, broadband pricing power, telecom share gains, moderating capital intensity, hedged on programming cost pressures (NBCU and LT deals), & 10% NBCU EBITDA CAGR, offsetting consumer maturity and competitive pressures. We also expect a $1+b shr repurchase step-up in ‘12."

CMSCA closed at $27.18 a share on Friday.