Deutsche Bank Maintains Buy Rating, $23 PT On SFD

Following an upbeat investor day with Smithfield Foods, Inc.

, Deutsche Bank said that it believes the fundamentals remain favorable. “Against a backdrop of continued debt reduction, fundamentals appear more balanced than in recent history,” Deutsche Bank writes. “Company-specific efforts to (1) reduce the cost structure in hog production, (2) close the gap vs. industry performance in pork processing, and (3) remain disciplined in packaged meats are bearing fruit.” Deutsche Bank is maintaining its Buy rating and $23 PT on Smithfield Foods, which closed Wednesday at $19.85.