UPDATE: Citi Raises PT on HJ Heinz to $62

Citi is out with its report today on HJ Heinz HNZ, raising its PT from $57 to $62. In a note to clients, Citi writes, "We are increasing our F2012 EPS estimate by 2c to $3.37, with our F2013 EPS estimate raised by 10c to $3.70, as Heinz should be able to produce solid leverage against its expanding top line due to its enhanced cost savings profile. Our price target is increased by $5 to $62 based on our increased EPS forecast. We utilizes a 16.8x multiple on F13 earnings as we believe HNZ's multiples should expand as its emerging market presence continues to grow, which is boosting Heinz's long term growth capabilities." Citi maintains Buy on HNZ. Shares of HNZ closed Thursday at $53.82, up 0.81% from Wednesday's close.