UPDATE: Deutsche Bank Raises Target to $51 on Kellogg

Deutsche Bank maintains its Hold rating on Kellogg K, reflecting a full valuation, but raises its price target by $1 to $51 a share on long term confidence. Deutsche Bank says, "While we still believe in Kellogg's LT prospects, the intermediate term is in question as investment spending (supply chain, SAP, advertising) will limit margins and EPS growth into 2013. It may be some time before sales momentum is achieved and helps EPS/cash flow. Meanwhile the valuation appears full." K closed at $50.59 a share on Thursday.