UPDATE: Deutsche Bank Raises PT on Masco Corporation on Good EPS Upside

In a report published Monday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on Masco Corporation (NYSE: MAS), and raised the price target from $18.00 to $19.00.

In the report, Deutsche Bank noted, “EPS upside driven by generally better sales & margins. EPS for Masco, excluding charges came in at $0.23/sh, which compares to our $0.18 and the Street at $0.20. Sales were up +10.5% y/y, which was ahead of DB/Street estimates at +8%. Higher sales provided $0.02/sh of the EPS beat, while margins accounted for the remainder. Reported EPS was also $0.23, which included slightly lower-than-expected charges. Total charges in the quarter were $18 mm, which were short of our $24 mm forecast; however, it is worth noting the company increased its forecast for charges for the year to $55 mm from $40 mm. Despite a positive 2Q13, we maintain our Hold given Masco's generally full valuation.”

Masco Corporation closed on Friday at $19.63.