UPDATE: Credit Suisse Downgrades Dean Foods On Valuation

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

from Outperform to Neutral, but raised the price target from $18.00 to $20.00. In the report, Credit Suisse noted, “We are lowering our rating on Dean Foods to Neutral but raising our 2015 estimate to $0.87 (compared to consensus of 0.93) and raising our target price to $20/share. Our $20 target price is based on a 7.3x EBITDA multiple against our 2016 EBITDA estimate and our assumption of ~$800 million of net debt.” Dean Foods closed on Friday at $18.55.