UPDATE: Deutsche Bank Initiates Envivio with Buy, $12 PT on Internet Video Trends

Deutsche Bank initiates its coverage on Envivio ENVI with a Buy rating and a price target of $12. Deutsche Bank notes, "Video consumption is becoming a major driver of Internet traffic. Envivio offers a flexible transcoding solution that can readily adapt to the changing needs of video service providers as the industry transitions to a multi-screen world. Envivio can tap into the growth of tablet and smartphone video consumption, underpinning a strong financial profile and meriting the rating." ENVI closed at $7.71 on Friday.