UPDATE: Deutsche Bank Raises Target to $35 on HB Fuller

Deutsche Bank raises its target price to $35, up $6, on Hold-rated HB Fuller FUL as shares gain 4 percent following strong Q1 release. Deutsche Bank says, "Fuller shares rose 4% following a strong Q1 release as EPS beat by $0.07, '12 guidance for the core business was reaffirmed at $2.05-$2.15 and the transformative $394MM Forbo acquisition is tracking ahead of expectations. Fuller is benefitting from a more benign raw material environment in '12 as raws declined ~1.5% in Q1 vs Q4 (up ~10% YoY) and are expected to be up a modest 4% YoY in '12 (vs +20% in FY11) . Fuller is also guiding the Forbo acquisition to be $0.05-$0.15 accretive in '12 as synergy capture is occurring earlier than previously anticipated." FUL closed at $32.92 a share on Thursday.