Coe and Schoenleber are initiating coverage with an overweight rating and expected 12-month total return of 9-10% for the group. "The economy continues to grow and capacity utilization levels are approaching critical levels of 80%, meaning that underlying demand should remain robust," they said. Coe and Schoenleber see a fundamental out-performance during 2005/06 due to the cyclical nature of the industry. "We expect another couple of years of above-trend performance with revenue growth of 9-10% in 2005, falling to 6-7% by 2006."
Deutsche Bank was recently ranked the top bulge-bracket firm for equities research by an Investars survey of asset managers, research directors, analysts, individual investors and financial institutions. The rankings measured one-year performance of Deutsche Bank's stock picks vs. the S&P 500.
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