UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Demandware

In a report published Wednesday, Deutsche Bank AG reiterated its Buy rating on Demandware (NYSE: DWRE), and slightly raised its price target from $38.00 to $39.00.

Deutsche Bank noted, “We believe that our forward estimates are conservative and factor in significant headwinds from deteriorating macro, FX impact on topline and Neckermann insolvency. Demandware's overage fees are exposed to the holiday shopping season, which could be impacted in a weakening macro. We have reduced FY12 overage growth to 19% from prior 27% (vs 90% growth in FY11 and 82% in FY10). We also want to highlight to investors that overage growth slowdown is partly a function of the large number of new customers going live in FY12, which typically do not contribute any overages in the first year.”

Demandware closed on Tuesday at $27.83.