UPDATE: Credit Suisse Reinstates Coverage on Dean Foods Company with Neutral Rating, $18 PT

In a report published Friday, Credit Suisse reinstated coverage on Dean Foods Company DF with a Neutral rating and $18.00 price target. Credit Suisse noted, “We are reinstating coverage on Dean Foods with a $18/share target price and a neutral rating. The initial public offering of White Wave has boosted Dean's stock price by giving the market better visibility into White Wave's growth prospects and making it available as a pure play packaged goods company, separate from Dean's agricultural nature. The proceeds from the IPO also have helped de-leverage Dean's balance sheet. We think there is more upside to the shares from here as Dean explores monetizing its Morningstar division through a sale, and continues to improve the efficiency of its Fresh Dairy Direct division. However, we retain a neutral rating due to the lack of clarity on how to value Morningstar and the likelihood of a significant re-basing of earnings in 2013 from stranded overhead and higher dairy costs.” Dean Foods Company closed on Thursday at $16.72.