UPDATE: Deutsche Bank Reiterates JM Smucker at Buy, Raises PT

In a report published Tuesday, Deutsche Bank reiterated its Buy rating on The JM Smucker Company SJM, and raised the price target from $91 to $93. In the report, Deutsche Bank wrote, "Leading brands, share gains, productivity, a solid balance sheet, and 6-7% C2013E FCF yield are positives that support our BUY opinion. Input cost moderation could help earnings. In either case, we see valuation as attractive when accounting for $0.60 non-cash goodwill EPS impact. Our new $93 (from $91) target price is based on 3 methodologies, equally weighted to determine valuation (incl. DCF, our IVCC framework, traditional P/E). Please see details in this report. Risks include: commodity prices (coffee, peanuts, grain, energy), competition (branded, private label), family management/control, M&A integration." Smucker closed at $87.05 on Tuesday.