UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on SHFL Entertainment Following Good F2Q13 EPS Results

In a report published Wednesday, Deutsche Bank analyst Kelly Knybel reiterated a Buy rating on

, and raised the price target from $20.00 to $22.00. In the report, Deutsche Bank noted, “Tonight, after market close, SHFL reported better than expected F2Q13 EPS of $0.21, $0.04 above our $0.17 estimate and $0.01 above Consensus (Factset) of $0.20. Following tonight's results, we believe the rollout of the MD3 and DeckMate2 shufflers, entrance into the U.S. slot market, a solid balance sheet and strong free cash flow, a growing PTG segment, and strategic and private equity interest in the equipment space outweigh concerns surrounding the significant reinvestment in the ETS segment that could fail to bear fruit, limited visibility into earnings, and continued sales/lease mix and margin volatility. As such, our Buy rating is unchanged.” SHFL Entertainment closed on Tuesday at $17.37.