UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Viacom

In a report published Friday, Deutsche Bank reiterated its Buy rating on Viacom VIAB, and raised its price target from $62.00 to $65.00. Deutsche Bank noted, “Maintain Buy - Viacom's ad revenue is starting to turn the corner, improving from domestic adv -6.3% Y/Y in C3Q12 to -2% in C1Q13 and potentially growing thereafter, while affiliate revenue growth remains strong at 10%. If Viacom continues to improve ratings its networks could return to margin expansion in FY14 and beyond, sparking further revaluation for shares. Return of capital remains strong ($2.6b for FY13, 9% of shrs out, plus a 2.4% dividend).” Viacom closed on Thursday at $60.35.