Deutsche Bank Reports on Heinz

In a report released Friday, Deutsche Bank commented on Heinz HNZ. In the report, Deutsche Bank was positive in its assessment of the company. Deutsche Bank writes, "We retain our BUY rating based on emerging mkt. exposure, leading share in selected US/EU products, productivity and attractive 6-7% FCF yield (1/2 used to fund emerging market M&A). We expect LT upside from factors incl: transactional FX, foodserv. account wins, Proj. Keystone returns. We expect investors to focus on F2012, specifically on M&A dilution, currency impact and inflation vs. pricing vs. elasticity. For the LT, we expect mgmt to raise sales growth goals (4-6%) to reflect more M&A but limit expectations for EBIT margin gains while retaining EPS growth objectives." Deutsche Bank currently has a Buy rating on Heinz and a price target of $57. Shares of Heinz closed at $53.89, down $0.03 from the opening bell.