UPDATE: Deutsche Bank Upgrades Computer Sciences to Buy on Faster-Than-Anticipated Turnaround

Deutsche Bank raised its rating on Computer Sciences

from Hold to Buy and announced a $46 price target. Deutsche Bank noted, "After meeting with the company's new mgmt and working through our model, we believe the turnaround is happening faster and normalized EPS of $5.00+ will be reached earlier than expected (current valuation does not reflect future normalized earnings). CSC currently trades at a significant discount to peers even at depressed EBITDA levels (trades at only 3.5x CY13 EV/EBITDA versus peer group of 8.4x). We are raising our FY14 EPS est $0.29 to $3.51 (above Street) and issuing FY15 EPS of $4.00, believing these figures could prove conservative." Computer Sciences closed at $34.47 on Friday.