UPDATE: Deutsche Bank Raises PT on Computer Sciences Corporation on 3Q Revenue

In a report published Wednesday, Deutsche Bank reiterated its Buy rating on Computer Sciences Corporation

, and raised its price target from $46.00 to $53.00. Deutsche Bank noted, “Another beat and raise. CSC reported 3Q revs of $3,781m (+2.5% Y/Y, +2.8% cc) and EPS of $0.77, both above our $3,712m and $0.63 ests despite restructuring charges ($0.13) mostly offset by lower taxes ($0.11). Due to cost reduction ahead of plan and a lower tax rate, CSC raised its FY13 EPS guidance $0.20 despite recent divestitures causing an immediate $0.40 hit to FY13 EPS. We expect the company to aggressively return much of the proceeds from the divestitures in stock repurchase. CSC is on track to return to normalized earnings faster than anticipated (See upgrade to Buy on 11/18/ 12). Due to higher operating margins and a lower tax rate, we are increasing our FY13, FY14, and FY15 EPS by $0.33, $0.12, and $0.28 to $2.62, $3.63, and $4.28, respectively, reiterating our Buy rating, and raising our TP to $53 from $46.” Computer Sciences Corporation closed on Tuesday at $45.75.