UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on H.B. Fuller Co. Following Disappointing Q2 Release

In a report published Friday, Deutsche Bank analyst David Begleiter reiterated a Buy rating on

, but lowered the price target from $46.00 to $45.00. In the report, Deutsche Bank noted, “Fuller had a disappointing Q2 release as i) EPS fell $0.03 below consensus ii) volumes dropped 1.4% (after rising 2.1% in Q1) and iii) the '13 organic growth target was lowered to 1-3% from 3-5%. On a positive note Fuller reaffirmed its '13 EPS target as the company is executing on its cost reductions and synergy targets. This was evidenced by Fuller achieving its highest EBITDA margin (12.9%) since '09. While the volume decline was disappointing, we believe it was primarily due to the Forbo integration (planned attrition, focus on delivering integration vs driving growth). With the integration largely complete and the focus shifting back to growth, we expect volumes to be positive in Q3.” H.B. Fuller Co. closed on Thursday at $38.95.