UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Discovery Communications

In a report published Monday, Deutsche Bank reiterated its Buy rating on Discovery Communications

, and raised its price target from $60.00 to $66.00. Deutsche Bank noted, “Reaffirm Buy Rating. We see continued strong growth at Discovery as a networks pure-play that is one-third int'l, uniquely having low cost fully-owned programming leveraged globally, building new networks like ID and TLC Int'l, a Y/E'12-Y/E'15 domestic affiliate renewal cycle (undermonetized given prior 8-yr deals, brand strength), and healthy stock buybacks (2Q12 pace 9% of shares out). ‘13E PEG is 0.92 (16.5x v. 18% LT growth), in line with media at 0.93 and nicely below the S&P500's 1.13.” Discovery Communications closed on Friday at $58.19.