UPDATE: Goldman Sachs Raises PT to $52 on HJ Heinz Company as Earnings Risk Falls on Lower Guidance

Goldman Sachs reiterates its Sell rating on HJ Heinz Company (NYSE: HNZ) but raises its price target from $51 to $52. Goldman Sachs says, "We came away from the meeting encouraged that management is acknowledging issues in North America. That said, we believe weakness is more widespread than management suggests and its challenges will prove more costly and time consuming to fix. …[W]ith fundamentals eroding in a segment that accounts for 43% of operating profit and disappointing free cash flow progression despite recent acquisitions we continue to recommend that investors avoid HNZ to pursue better returns elsewhere."HNZ closed at $53.50 on Friday.