UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Green Dot Corporation

In a report published Friday, Deutsche Bank reiterated its Hold rating on Green Dot Corporation

, and raised its price target from $12.00 to $14.00. Deutsche Bank noted, “Beats quarter, but 2013 remains unclear - GDOT posted 4Q12 operating revs of $138.6m (+12.5% Y/Y) and pro forma EPS of $0.31, significantly beating our respective ests of $122.8m (-0.3% Y/Y) and $0.20 on strong retention level and growth in direct deposit customers, better-than-expected margins, and tax benefit (~$0.02). With its exclusivity waning (~90% of new card sales come from non-exclusive retailers), GDOT in our view must demonstrate a durable competitive advantage. Due to further risk controls and competition, the company guided to a $100m total revenue headwind in FY13 and given the increasing competition, visibility on double-digit growth remains unclear. Given GDOT's FY13 guidance, we are raising our FY13 EPS $0.12 to $1.18, introducing FY14 EPS of $1.28, raising our TP to $14 and maintaining our Hold rating.” Green Dot Corporation closed on Thursday at $13.40.