UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on ConAgra Foods on Challenging Core Fundamentals

In a report published Wednesday, Deutsche Bank reiterated its Hold rating on ConAgra Foods

, and slightly raised its price target from $31.00 to $32.00. Deutsche Bank noted, “We continue to view core fundamentals as challenging though mgmt highlighted modestly improved trends in today's CAGNY presentation. While we see LT potential in Ralcorp tied to increased scale and leverage of ConAgra's CPG capabilities, we remain cautious on ST trends and potential integration issues.” ConAgra Foods closed on Tuesday at $33.45.