UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Pinnacle Foods on 3Q14 Earnings Preview

In a report published Wednesday, Deutsche Bank analyst Eric Katzman reiterated a Hold rating on

, and raised the price target from $33.00 to $34.00. In the report, Deutsche Bank noted, “Pinnacle shares are +23% YTD with decent fundamentals coupled with a surprising failed bid for the company. With most valuation measures (excl. 9% 2015 FCF yield) reasonable in our view, we see challenging industry conditions offsetting potential accretive M&A. Yet a solid mgmt team and 2.8% div.yield should be supportive in the low $30s.” Pinnacle Foods closed on Tuesday at $33.67.