UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Cincinnati Bell Following Adjusted EBITDA

In a report published Monday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on Cincinnati Bell

, and slightly raised the price target from $3.50 to $3.75. In the report, Poole noted, “Reiterating Hold and raising our TP to $3.75. 1Q13 Adjusted EBITDA of $110M, excluding data centers, beat our $100M estimate. The beat was mostly driven by lower than expected wireline opex and also by lower than expected wireless opex. CBB reiterated ‘13 guidance and we have not made material changes to estimates. Given our unchanged outlook for CBB, we attribute our increased TP to Deutsche Bank's improved outlook for CyrusOne (CONE, Buy) of which CBB own 69%. Following 1Q results, DB on 5/9 raised its 12-month TP for CONE to $27 from $26. We maintain Hold on CBB due to our expectations of (1) margin pressures from the Fioptics build and (2) a measured pace of delevering which may take 3-5 years.” Cincinnati Bell closed on Friday at $3.51.