UPDATE: Deutsche Bank Lowers PT on H.B. Fuller Co. on Good Q1 Results

In a report published Monday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on H.B. Fuller Co.

, but slightly lowered the price target from $47.00 to $46.00. In the report, Poole noted, “Fuller delivers on key organic growth and EBITDA margin targets in Q1. Buy. While Fuller's shares fell 1% following a slight Q1 EPS miss, the quarter still marked a solid start to the year with Fuller delivering on its key organic growth and EBITDA margin targets despite a challenging economic environment. Most noteworthy is Fuller growing volume (+3%) in EIMEA on share gains in a flat to down market. In addition, Fuller's business integration continued to progress during the quarter keeping the project on track to deliver $90MM in savings by mid-'14. With Fuller reaffirming its '13 guidance for organic growth (3-5%), EBITDA margin (+100 bps to 12.5%) and EPS (up 14-19%), its '15 EPS target of $4/shr attainable, in our view, and valuation a fair 15.1x '13E EPS, Buy.” H.B. Fuller Co. closed on Thursday at $39.08.