Deutsche Bank analyst Bill Schmitz expects Procter & Gamble's newest activist investor, Nelson Peltz's Train, to issue a whitepaper detailing the investment case in the name. The whitepaper will likely include the strategic and financial benefits of splitting up the company, exploration of M&A options for the businesses, and cost savings opportunities, Schmitz tells investors in a research note. He believes the best way for P&G to "prove its competence is to grow the business, not rip out more costs or introduce further financial engineering." After Bill Ackman's original involvement in July 2012, the company has largely been its own activist, the analyst contends. Schmitz keeps a Hold rating on Procter & Gamble with a $90 price target.