UPDATE: Deutsche Bank Downgrades Mead Johnson Nutrition to Hold, Reiterates $103 PT Given Current Valuation

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In a report published Monday, Deutsche Bank analyst Eric Katzman downgraded the rating on
Mead Johnson NutritionMJN
from Buy to Hold, but reiterated the $103.00 price target. In the report, Deutsche Bank noted, “With recent headlines pointing to Danone's interest in Mead Johnson as a potential M&A target (Reuters, 10/17/14) and the latter's stock now up close to 20% for 2014, we believe the time is right to downgrade the shares. Given current valuation (25x P/E, 17x EBITDA), we adjust our fundamental-based opinion on Mead to HOLD from BUY, maintaining our $103 target, and removing the stock as our 2014 ‘Top Pick'.” Mead Johnson Nutrition closed on Friday at $100.23.
Posted In: Analyst ColorDowngradesAnalyst RatingsDeutsche BankEric Katzman
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