UPDATE: Credit Suisse Upgrades Compass Minerals International to Neutral, Raises PT as Underperform Stance is No Longer Warranted

In a report published Thursday, Credit Suisse analyst Christopher S. Parkinson upgraded the rating on

from Underperform to Neutral, and raised the price target from $68.00 to $88.00. In the report, Credit Suisse noted, “Due to the strong winter weather patterns within the Midwest, Great Lakes region and Ontario, we believe trends within the highway deicing salt business will likely continue to act as favorable tailwinds. As a result of better volumes likely resulting in a more favorable pricing landscape for the upcoming bidding season, we are raising our '14 EPS estimate to $4.10 (from $3.80) and are implementing a '15 estimate of $4.70. We are raising our target price to $88 (from $68), which is weighted equally between 10.5x our normalized '15 EBITDA estimate of $315mm (discounted back) and a DCF.” Compass Minerals International closed on Wednesday at $81.16.