UPDATE: Deutsche Bank Initiates AOL at Buy on Execution, Share Appreciation

Deutsche Bank increased its rating on AOL AOL with a Buy rating and a price target of $40 per share. Deutsche Bank commented, "AOL sentiment looks to have turned the corner with the recent MSFT patent deal and capital returns to shareholders, and the stock should be able to see further multiple expansion as management embraces its new shareholder- friendly stance. Our sum-of-the-parts supports further upside, and AOL fits the profile of low-multiple Internet that has worked for investors in the past few years. We believe the company is on track to grow OIBDA in 2013 for the first time in a decade, and its OIBDA margin in its Display and Other segment remains well below the peer average and has room for upside." AOL closed at $34.48 a share on Thursday.