UPDATE: Deutsche Bank Maintains Buy Rating, Lowers PT for Green Dot

In a report published earlier today, Deutsche Bank AG maintained its Buy rating for Green Dot Corporation (NYSE: GDOT), but lowered its price target from $41.00 to $35.00.

Deutsche Bank went on to say “GDOT reported adjusted revenues of $145.5m (18% Y/Y, 27% ex. Intuit loss) and EPS of $0.48, higher than our estimates of $142.3m (15. 6% Y/Y) and $0.46, respectively. Solid core business metrics drove the upside including 23% growth in activations and 20% growth in active cards (ex. Intuit), which should give investors confidence in the growth trajectory. We are lowering our FY12 EPS estimate by $0.18 to $1.67 due to the Loopt acquisition (disclosed 3/9/12) but maintaining our FY13 EPS estimate.”

Green Dot Corporation closed at $26.42 yesterday.