UPDATE: Credit Suisse Downgrades Annie's as Strong Growth But Spotty Execution Merits Lower Valuation

In a report published Tuesday, Credit Suisse analyst Robert Moskow downgraded the rating on

from Outperform to Neutral, and lowered the price target from $54.00 to $36.00. In the report, Credit Suisse noted, “We are lowering our rating to Neutral on Annie's and lowering our TP to $36. While we still view Annie's as a great brand in the organic foods space with many years of revenue growth ahead, the frequency of execution errors over the past two years casts a cloud over the prospects for operating leverage in the business model.” Annie's closed on Monday at $41.83.