UPDATE: Deutsche Bank Raises PT on Proctor & Gamble from $67 to $70

Deutsche Bank reiterated a Buy rating on Proctor & Gamble

and raised its price target from $67 to $70. Deutsche Bank commented, “With a growing urgency and advanced investor scrutiny, company should accelerate cost savings and reinvest aggressively as a last chance for this P&G regime to right the ship. With group relative valuation compelling and guidance out of the way, the company has some runway to rebuild struggling brands and reenergize the organization. With risk/reward favorable from here, we maintain our Buy, with multiple expansion contingent on getting share- losing US biz turned. Raising PT to $70 (from $67).” Proctor & Gamble closed at $65.50 on Friday.