UPDATE: Deutsche Bank Raises Target to $20 on Sara Lee

Deutsche Bank maintains its Buy rating on Sara Lee

and raises its target price to $20 from $19 on fundamental valuation and strategic opportunities. Deutsche Bank says, "As we have noted for close to 2 years, risk / reward still skews favorably in terms of fundamental valuation and strategic optionality. Pro-forma valuation and an ongoing 3% div. yield are reasonable. Insider buying, $3 special cash div. and possible tax-related upside all point to minimal downside." SLE closed at $19.85 a share on Thursday.