UPDATE: Deutsche Bank Raises PT on Berry Plastics Group Following In-Line Q2 Results

In a report published Monday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on Berry Plastics Group BERY, and raised the price target from $23.00 to $25.00.

In the report, Deutsche Bank noted, “Q2 in-line with adjusted expectations; maintain Buy rating. Adj. EBITDA of $208MM = @ mid-point of $206-211MM target released on July 15th in conjunction w/ secondary offering (our pre-July 15th est = $223MM). Sales -2% y/y to $1,221M. Cold drink cups, retail trash bags and printed films (bread bags) accounting for much of the volume decline. BERY offset w/ cost-cutting & productivity, which drove modest EBITDA expansion. DB FY13 EPS goes from $1.10 to $1.05 (Q4 EPS = $0.34/share). FY14 trimmed from $1.35 to $1.30. Boosting our PT from $23 to $25/share as relative to peer group valuation we think shares of BERY remain attractive. New product pipeline is among most intriguing in sector & BERY is increasing int'l focus.”

Berry Plastics Group closed on Friday at $23.30.