UPDATE: Deutsche Bank Raises Target to $11 on Resources Global Professional

Deutsche Bank increases its price target $2 to Hold-rated Resources Global Professional

on better gross margins. Deutsche Bank says, "Due to our higher EPS, driven by better gross margins, we are raising our price target. At our price target RECN would trade on 20x our cal'12E EPS and 14x our cal'13E. Our F4QE EPS moves from $0.14 to $0.15 (previous Street $0.14) while our F1QE EPS moves from $0.11 to $0.12 (previous Street $0.12). Our FY13E EPS increases from $0.55 to $0.65 (previous Street $0.57). We are raising our price target from $9 to $11 due to our new EPS forecasts and maintain our Hold rating due to a full valuation." RECN closed at $13.50 a share on Wednesday.