UPDATE: Deutsche Bank Raises McCormick's PT

According to a research report published this morning, Deutsche Bank has increased McCormick & Company's

PT from $56 to $59. In the report, Deutsche Bank said, "We have maintained a BUY on McCormick for 15 years and see no reason to change now. The company uses leading shares, geographic / product balance, select M&A, a solid FCF and B/S to outperform its peers. Not surprisingly such attributes garner a high valuation but we continue to see solid TSR (11%+). McCormick provided an overview at its NYC-based 4/17/12 investor day. Although LT financial goals were unchanged, mgmt is now targeting 2015E 20% of sales coming from emerging markets. Meanwhile fundamentals remain solid with leading category share, innovation efforts, and ongoing productivity (CCI)." McCormick closed Friday at $56.88.