UPDATE: Deutsche Bank Raises PT to $53 on The Corporate Executive Board on 2013 Forecast

Deutsche Bank maintained The Corporate Executive Board

with a Hold rating and raised the price target from $48.00 to $53.00. Deutsche Bank noted, "We are now presenting our 2013 estimates for CEB on a clean, proforma basis. This better represents the value of CEB. We will be showing two EPS numbers: 1) clean EPS ex. acquisition amort (our preferred valuation EPS), and 2) clean EPS ex acq. amort and stock compensation (how the company guides). While our EPS changes significantly under our new reporting methodology, our underlying FCF per share rises from $3.60 to $3.82 (+6%), and includes $9m of cash restructuring costs." The Corporate Executive Board closed at $53.56 on Monday.