UPDATE: Ascendiant Capital Markets Reiterates on DreamWorks Animation SKG on Strong Outlook

In a report published Thursday, Ascendiant Capital Markets analyst Marla Backer reiterated a Buy rating on

, and raised the price target from $32.00 to $38.00. In the report, Ascendiant Capital Markets noted, “DVD sales and rental data indicate that the company's titles have performed strongly in home entertainment and we believe the 2014 theatrical slate looks solid. We are therefore raising our price target on DWA shares from $32 to $38, which equates to an EV/2013E EBITDA multiple of 13X.” DreamWorks Animation SKG closed on Wednesday at $33.44.