UPDATE: Deutsche Bank Initiates Coverage on Trulia with Buy Rating, $27 PT

In a report published Monday, Deutsche Bank initiated coverage on Trulia

with a Buy rating and $27.00 price target. Deutsche Bank noted, “We initiate coverage of Trulia with a Buy rating on the shares and a 12-month price target of $27 per share. We see Trulia as uniquely well positioned to benefit from the transition to mobile, where (1) mobile leads convert better for customers, (2) Trulia prices its share of impressions at a premium price to desktop despite lower volumes, and (3) users are increasingly shifting to mobile. Agent adoption of Trulia's recently introduced mobile product, TMA, has been torrid. We see upside potential to our estimates from TMA if adoption rates remains even at a fraction of the initial uptake.” Trulia closed on Friday at $23.12.