UPDATE: Deutsche Bank Initiates Coverage on SFX Entertainment with Buy Rating, $15 PT on EDM Pure-Play

In a report published Monday, Deutsche Bank analyst Doug Mitchelson initiated coverage on

with a Buy rating and $15.00 price target. In the report, Deutsche Bank noted, “We forecast '13-'17 pro forma revenue and EBITDA CAGRs of 27% and 94%, respectively (‘15E-‘17E 21% / 48%), driven by management consolidating the fragmented and fast growing EDM live events industry, while expanding brands into new territories and building new monetization engines, particularly ad sponsorships.” SFX Entertainment closed on Friday at $8.77.