UPDATE: Citigroup Reduces PT to $62 on HJ Heinz Company on Investment Ramp-Up

Citigroup reduces its price target on HJ Heinz Company

from $65 to $62 and reiterates its Buy rating on shares. Citigroup comments, "Heinz announced a shift in strategy, a game changer, whereby the company is going to take what it sees as an opportunity to significantly step up its marketing investments by $70 million in both developed and developing countries, to position the firm for future success. The “price” is that Heinz's F13 guidance came in below our expectations, but clearly, is what we would term a high quality miss; one that may well repay Heinz in the future with better growth." HNZ closed at $53.55 on Thursday.