UPDATE: Deutsche Bank Raises PT to $34 on Campbell Soup Ahead of Earnings

Deutsche Bank reiterated its Neutral rating on Campbell Soup (NYSE: CPB) and raised its price target from $33 to $34.

Deutsche Bank commented, "The stock has performed well of late despite a tough packaged food market and muted F2013 guidance. We believe this is due to the promise of new products, possible increased consumption (Sandy/nor-easter), restructuring activity vs. low valuation (6% FCF yield, 14x C2013 P/E). Yet we retain our HOLD opinion on fundamental challenges. … We look for comments on the recent restructuring, an update on the Bolthouse integration as well as trends for the profitable yet competitive Baking & Snacking area."

Campbell Soup closed at $36.58 on Tuesday.

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