Deutsche Bank Reports on Heinz

Deutsche Bank commented on Heinz HNZ in a report released yesterday. In the report, Deutsche Bank was positive in its assessment of the company. Deutsche Bank writes, "Following the investor day, we affirm our Buy rating based on several factors incl. emerging mkt. exposure, leading share in selected US/EU products, productivity and supportive 4% div.yield. With these attributes and potential for above average EPS / FCF growth, we view valuation as attractive. Many initiatives were announced at the investor meeting incl: higher LT EPS growth (7-10%), an “excluded” F2012 restructuring ($0.35 charges), major plan to improve Europe, continued emerging market emphasis, 2 more years of funding SAP roll-out. While reaction is muted, we see these steps as logical and positive." Deutsche Bank currently has a Buy rating on Heinz and a price target of $60. Shares of Heinz closed at $53.82 on Thursday, up from $53.10 at the opening bell.