UPDATE: SunTrust Downgrades Annie's on Fair Valuation

In a report published Friday, SunTrust Robinson Humphrey analyst William B. Chappell Jr. downgraded the rating on

from Buy to Neutral, but reiterated the $55.00 price target. In the report, SunTrust Robinson Humphrey noted, “We are lowering our rating to Neutral based on our belief that the stock is fairly valued at current levels. The stock has run 20% since the beginning of August and 47% YTD. We continue to believe the name will be rewarding to long-term investors, but are reluctant to recommend new money at these levels.” Annie's closed on Thursday at $50.35.