UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Microsoft Corporation

In a report published Friday, Deutsche Bank reiterated its Buy rating on Microsoft Corporation MSFT, but lowered its price target from $35.00 to $32.00. Deutsche Bank noted, “PC weakness persists. We are adjusting our estimates for F2Q13 and FY13 primarily because of the recent negative data points in the PC space. Adoption of the ‘Surface' tablet has not been robust enough to offset the weakness in the PC segment, and we are modeling PC units to be down y/y for the quarter. However, the reported revenues this quarter will benefit from the recognition of a part of the ‘Windows 8 upgrade offer' deferred Windows revenues. At 6x CY13 P/E ex-cash, we believe the risk/reward is attractive and reiterate our BUY rating.” Microsoft Corporation closed on Thursday at $27.23.