UPDATE: Deutsche Bank initiates Constellium N.V with a Buy rating, specialty metal equities deemed stable.

In a report published on Tuesday, Deutsche Bank analyst David S. Martin initiated coverage on Constellium N.V

with an Buy rating and a $23 price target. In the report, Deutsche Bank noted, "Specialty metal equities have remained stable in the past 12 months, outpacing our Steel/Coal coverage (-20%) but underperforming the S&P (+18%). We credit this outperformance partially to the value-added nature of downstream products and limited commodity exposure. These attributes should continue to benefit CSTM and we see its valuation (4.6x '14E EBITDA vs 5.9x for closest peers) as compelling for investors. Lastly, our $23 PT implies 42% upside." Constellium N.V closed on Monday at $16.26.