UPDATE: Deutsche Bank Upgrades Pinnacle Foods On Attractive Outlook

In a report published Monday, Deutsche Bank analyst Eric Katzman upgraded the rating on Pinnacle Foods Inc (NYSE: PF) from Hold to Buy, and raised the price target from $34.00 to $37.00.

In the report, Deutsche Bank noted, “With Pinnacle shaking off any distractions from the failed HSH bid, gaining share and exceeding productivity savings, we see the stock as attractive. A strong mgmt team, solid execution vs. reasonable goals in a tough industry environment, potential for accretive M&A and reasonable FCF valuation (9% yield) lead us to our Buy opinion.”

Pinnacle Foods closed on Friday at $33.65.