UPDATE: Deutsche Bank Increases PT to $44 on Time Warner

Deutsche Bank reiterates its Buy rating on Time Warner

and raises its price target from $43 to $44 on valuation multiples. Deutsche Bank says, "TWX's stock is at 10x ‘13E P/E, suggesting 20% upside NTM just maintaining its 12x '12E multiple. TWX has 70% of EBITDA from cable nets, leading market shares & scale, improving int'l and 100% return of FCF to S/H." TWX closed at $36.65 on Friday.