Deutsche Bank Reiterates Rating on TrueBlue Amid Rising Revenue

Deutsche Bank has published a report on TrueBlue TBI reiterating their rating after the appearance of rising revenues. In the report, Deutsche Bank wrote, "Mgmt expects the rev acceleration seen in June will continue into 3Q, which was a nice surprise. Our 3QE EPS goes up from $0.28 to $0.30 (prior Street $0.30), 4QE goes from $0.17 to $0.22 (prior Street $0.17), '11E increases from $0.65 to $0.74 (prior Street at $0.68) and '12E moves from $1.02 to $1.03 (prior Street $1.02). Our PT remains $18 or 18x our '12E EPS. We reiterate our Buy on TBI due to market share gains leading to strong rev growth and an attractive relative valuation." Deutsche Bank rated TrueBlue a BUY with a price target of $18.00. TrueBlue closed Wednesday at $13.84.