Deutsche Bank Raises EPS and Price Target Estimates on Valspar (VAL)

Deutsche Bank has raised its '11 EPS and price target estimate on Valspar VAL DB increased '11 EPS from $2.40 to $2.55. This increase reflects a lower share count and benefits from the Wattyl acquisition. The price target has went up from $34.00 to $36.00. In a note to clients, Deutsche Bank writes, "Our $36 PT is based on Valspar trading at 14.1x our 2011E EPS in 12 months, inline with its 5-yr avg. Key risks include price erosion on the downside and strong general industrial demand on the upside." VAL was up $1.78 Monday to $33.70.