UPDATE: Credit Suisse Upgrades Gardner Denver from Neutral to Outperform

Credit Suisse upgraded Gardner Denver GDI from a Neutral to an Outperform rating and lowered its price target from $66 to $65. Credit Suisse wrote, “FY12 sell-side earnings estimates have fallen 11% YTD (last Friday saw another ratings downgrade), and our conversations with investors suggest GDI is the only stock in our coverage where earnings are expected to be down in 2013. We think we could be near the end of the downgrade cycle - our forecasts assume pressure pumping earnings fall 19% / 49% in 2012 /13. We are revising our 2012/2013/2014 EPS estimates to $5.39/$5.58/$6.16 (from $5.58/$5.90/$6.45). “ Gardner Denver closed at $52.95 on Friday.