UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on TW Telecom on Growth Initiatives

In a report published Wednesday, Deutsche Bank reiterated its Buy rating on TW Telecom

, but slightly lowered its price target from $30.00 to $29.00. Deutsche Bank noted, “Growth initiatives may contain margins in '13, drive revenue acceleration in '14. TWTC management outlined a growth agenda that calls for an expanded sales force, new product launches and stepped-up capex. In the NT, this spending will pressure margins and CF. However, in our view, recent strength in bookings supports these investments. Also, we've seen this before from TWTC ('09-'10) and the results were positive leading to a 200 bp+ acceleration in revenue growth. Based on TWTC's improving revenue mix, our outlook for top line acceleration in 2H13 and '14, and the carrier's strategic value as the industry consolidates, we maintain our Buy rating.” TW Telecom closed on Tuesday at $26.95.