UPDATE: Credit Suisse Reiterates On Pinnacle Foods On Fundamentals Without M&A

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In a report published Thursday, Credit Suisse analyst Robert Moskow reiterated an Outperform rating on

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Pinnacle Foods Inc

(NYSE: PF), and raised the price target from $36.00 to $37.00.In the report, Credit Suisse noted, “Pinnacle reported 3Q14 EPS of $0.41/sh (in-line with consensus) and tightened the 2014 EPS guidance range. The company deserves plenty of credit for delivering its plan in an environment where just about every food peer has missed expectations. Importantly, Pinnacle is achieving its targets in a high quality way with gains in gross margin, product mix, and market share (in 8 of 13 categories) simultaneously. We think Pinnacle stock will appreciate to $37 over the next 12 months on fundamentals alone even without M&A. We have lowered 2014E EPS to $1.73 from $1.75.”Pinnacle Foods closed on Wednesday at $33.68.