UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Campbell Soup Company on Low Valuation

In a report published Monday, Deutsche Bank reiterated its Hold rating on Campbell Soup Company CPB, and raised its price target from $34.00 to $36.00. Deutsche Bank noted, “Campbell's valuation (14.5x C2013E P/E vs. 17.0x group avg) remains low vs. peers, but we believe this is still reasonable as evidence for a U.S. soup turnaround remains elusive. Though mgmt is investing behind new products, restructuring savings should help, and looking to M&A-led growth, fundamental challenges leave us wary.” Campbell Soup Company closed on Friday at $37.93.