UPDATE: Bank of America Rises PO to $47 on Kraft Foods

Bank of America reiterated its Buy rating on Kraft Foods KFT and raised its price objective from $44 to $47 a share. Bank of America noted, "KFT plans to host separate presentations –Mondelez International (MDLZ) on 9/6, and Kraft Foods Group (KRFT) on 9/7—in connection with the spin off of KRFT targeted for October 1st. Meetings should provide investors with a first look at respective strategies, capital allocation/shareholder return models and growth for the two companies. In addition we expect incremental information on sales and profit targets for 2013, long-term growth algorithms, productivity and cash flow." Kraft Foods closed at $41.51 on Friday.