Deutsche Bank Reiterates Buy, $21 PT On MDC Partners

In a note out today, Deutsche Bank reiterated a Buy rating and $21 price target on MDC Partners MDCA, implying substantial upside from current levels. "We are raising 2012 estimates to reflect a full-year contribution from RJ Palmer. Our new revenue is $1,039m ($1,025m previously), EBITDA is $117m ($115m), and pre wk cap FCF is $46m ($43m). We look for 7.0% organic, which seems increasingly conservative given recent US macro datapoints, new biz and mgmt commentary," Deutsche Bank said in the note. Shares of MDC Partners are off half a percent in late trading.