UPDATE: Deutsche Bank Raises AT&T's PT

According to a research report published this morning, Deutsche Bank has increased AT&T's (NYSE: T) PT from $32 to $33.In the report, Deutsche Bank commented, "We are raising our 2012 EPS est to $2.39 (prior $2.33), which is above guidance (implied range of ~$2.30 to ~$2.35). The key drivers of our improved outlook are (1) the $0.03 beat in 1Q, (2) upward revisions to our wireless EBITDA margin ests, (3) strengthening wireline revenues and margins, (4) a modestly faster pace of expected share buybacks this year and (5) an expected $0.03 clip in 2H from the sale of Directories. We reiterate Hold. While we see limited downside risk due to T's dividend yield (5.5%), upside potential may be contained by historically high P/E (vs. the S&P 500) absent more material upward revisions to EPS."Deutsche Bank maintains its Hold rating on AT&T, which closed yesterday at $31.72.