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UPDATE: Credit Suisse Reinstates Coverage on Dean Foods Company with Neutral Rating, $18 PT

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In a report published Friday, Credit Suisse reinstated coverage on Dean Foods Company (NYSE: DF) with a Neutral rating and $18.00 price target.

Credit Suisse noted, “We are reinstating coverage on Dean Foods with a $18/share target price and a neutral rating. The initial public offering of White Wave has boosted Dean's stock price by giving the market better visibility into White Wave's growth prospects and making it available as a pure play packaged goods company, separate from Dean's agricultural nature. The proceeds from the IPO also have helped de-leverage Dean's balance sheet. We think there is more upside to the shares from here as Dean explores monetizing its Morningstar division through a sale, and continues to improve the efficiency of its Fresh Dairy Direct division. However, we retain a neutral rating due to the lack of clarity on how to value Morningstar and the likelihood of a significant re-basing of earnings in 2013 from stranded overhead and higher dairy costs.”

Dean Foods Company closed on Thursday at $16.72.

Latest Ratings for DF

DateFirmActionFromTo
Aug 2018JP MorganDowngradesNeutralUnderweight
Aug 2018BMO CapitalMaintainsMarket PerformMarket Perform
Aug 2018Deutsche BankUpgradesSellHold

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Posted-In: Credit SuisseAnalyst Color Initiation Analyst Ratings

 

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