UPDATE: Deutsche Bank Initiates Retail Properties of America with Buy, $10.50 PT; Levered to Recovery

Deutsche Bank initiates a Buy rating and a price target of $10.50 on Retail Properties of America

. Deutsche Bank notes, "With substantial portfolio upside still ahead and balance sheet repair in its latter stages, we think RPAI is welllevered to the economic recovery that we expect will continue to accelerate over the coming years. With retail occupancy at only 88%, we see above avg internal growth over the next few years. We also see the completion of RPAI's disposition plans in 2012, achievement of its de-leveraging targets, and improving operating metrics as key identifiable catalysts that should drive a narrowing of the significant valuation discount to its peers." RPAI closed at $9.11 on Monday.