UPDATE: Morgan Stanley Raises PT on Pinnacle Foods Following Balanced 2Q13 Results

In a report published Thursday, Morgan Stanley analyst Matthew Grainger reiterated an Equal-Weight rating on Pinnacle Foods (NYSE: PF ), and raised the price target from $25.00 to $27.00. In the report, Morgan Stanley noted, “Benign inflation and ongoing plant consolidations, coupled with PF's distinctly lean operations, give us confidence