UPDATE: Deutsche Bank Initiates Coverage on Arbor Realty Trust with Buy Rating, $7.50 PT

In a report published Friday, Deutsche Bank initiated coverage on Arbor Realty Trust

with a Buy rating and $7.50 price target. Deutsche Bank noted, “We believe Arbor Realty is well positioned to benefit from improving market conditions for CRE debt investors given a large supply of potential investments and attractive financing options. As the portfolio grows through new investments and the company continues to manage legacy investments, we expect the discount to economic BV to decline. Our target of $7.50 per share is based on shares trading at 75% of economic BV. Given our 2013 outlook and the attractive valuation, we rate shares a Buy.” Arbor Realty Trust closed on Thursday at $6.05.