UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on The Valspar Corporation Following FQ2 Beat

In a report published Wednesday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on The Valspar Corporation

, and raised the price target from $68.00 to $75.00. In the report, Poole noted, “FQ2 beats, '13 guidance reiterated but valuation fair at 19.3x. Maintain Hold. Valspar shares rose 5% following a solid, but in-line, FQ2 release as EPS beat by $0.01 and '13 EPS guidance (mid-point $3.70 vs cons $3.68) was reiterated. US housing remains the bright spot for Valspar with North American consumer paints volumes up ~13%, underpinning 11% EBIT growth in Paint, and offsetting tepid demand in industrial applications (Coatings EBIT - 8%). While Valspar is executing at a high level with EPS on track for 12% growth in '13, with valuation a fair 19.3x ‘13E EPS (vs 24.8x for SHW and 20x for PPG), Hold.” The Valspar Corporation closed on Tuesday at $71.46.