UPDATE: Deutsche Bank Initiates Coverage on EXACTTARGET

According to a research report published this morning, Deutsche Bank has initiated EXACTTARGET

with a Buy rating and $35 PT. Deutsche Bank explained in the report, "ExactTarget is a leading provider of powerful interactive marketing solutions delivered through a disciplined, multi-tenant SaaS model. A robust SaaS platform with capability to massively scale from SMB clients to the largest enterprises while serving large volume of multi-channel communication with sub-one-second service level guarantees creates significant differentiation vs the competition. ExactTarget operates in a large, underpenetrated addressable market growing through secular shifts in marketing budgets, which presents numerous growth opportunities." EXACTTARGET closed yesterday at $27.01.