UPDATE: Deutsche Bank Reinstates Coverage on Flowers Foods (FLO) at Hold; Lot To Like, But Valuation Full

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Deutsche Bank reinstates coverage on Flowers Foods (NYSE: FLO) with a Hold. PT $20.00 (from $19.00).

Deutsche analyst said, "There is a lot to like about Flowers including a solid operating track record in fresh bread & rolls, experienced management, low-cost production, and potential from LT category consolidation. But we remain cautious on difficult category dynamics (input cost pressure, irrational competitors) and full valuation."

Raises FY12 EPS estimate from $0.98 to $1.02 and FY13 from $1.05 to $1.12.

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