UPDATE: DA Davidson Raises PT to $36 on Deluxe Corporation on Valuation and Organic Growth

DA Davidson reiterated its Buy rating on Deluxe Corporation

and raised its price target from $32 to $36. DA Davidson commented, "DLX has a safe $1.00 dividend (3%+ yield), manageable debt, stable cash flows, and early signs of sustainable organic consolidated revenue growth. This stock should be trading higher. Given our improving confidence and estimate revisions, we are raising our price target from $32 to $36, which represents an unchanged EV/EBITDA multiple of 6.5x and a P/E multiple of 10x our 2013 estimates; nearly 20% appreciation." Deluxe Corporation closed at $31.40 on Thursday.