UPDATE: Deutsche Bank Cuts Target to $56 on Heinz

Deutsche Bank lowers its price target on Heinz (NYSE: HNZ) to $56 from $58 as it reiterates its Buy rating on the company on weaker fundamentals concern.

Deutsche Bank says, "We have focused on Heinz's “earnings power” as a reason to BUY. While we still have some faith in this approach, weaker fundamentals in the U.S. admittedly make us more concerned. However, Heinz has a solid yield, decent balance sheet, typically strong market shares and in line valuation."

HNZ closed at $51.87 a share on Friday.