UPDATE: Deutsche Bank Reinstates Microsoft at Buy

Deutsche Bank is out with its report today on Microsoft MSFT, reinstating MSFT at Buy. In a note to clients, Deutsche Bank writes, "We reinstate our rating on MSFT at Buy and PT at $27. PC's in the consumer space continue to be cannibalized by iPad/tablet and smartphone adoption. However, PC growth in the enterprise remains strong and MSFT continues to execute in its other areas of business. The Nokia deal and release of Windows 8 in 2012 provide opportunities for upside in the tablet and mobile space. The stock has declined 11% YTD and we believe prices in the PC headwinds. Hence, we rate the shares Buy with a $27 PT." At the time of posting, shares of MSFT were trading at $23.93, up 0.10% from Friday's close.