UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on YY on Robust Growth, Solid Guidance

In a report published Monday, Deutsche Bank reiterated its Hold rating on YY

, and raised its price target from $13.66 to $15.20. Deutsche Bank noted, “Despite robust revenue growth in 4Q coupled with solid 1Q guidance, operating metrics that drive YY's webgame and music businesses were more volatile than we expected. We attribute this trend to YY's still-early monetization stage, at which revenue growth is more product-driven than operation-driven. Therefore, the key to 2013 revenue growth hinges on YY's ability to launch and fine-tune the monetization products of these two businesses. We take a cautiously optimistic view on YY's execution ability, given the company's relatively short history but robust growth trajectory. Hold.” YY closed on Friday at $17.34.