UPDATE: Goldman Sachs Upgrades Mead Johnson Nutrition Company to Conviction List Buy on Momentum

Goldman Sachs upgraded Mead Johnson Nutrition Company MJN from Neutral to Conviction Buy and raised the price target from $75.00 to $95.00. Goldman Sachs commented, "We upgrade MJN to Buy (Americas Conviction List) from Neutral, as we believe fundamental momentum is building anew and foresee positive estimate revisions and valuation expansion in 2013. Despite MJN's recent set-back in China, which was followed by below-consensus guidance, we believe it uniquely positioned to deliver best-in-class growth and returns. As we detail within, we believe milk formula sales will expand by $46 bn to 2020 globally (11% CAGR) and expect MJN to capture its fair share." Mead Johnson Nutrition Company closed at $75.05 on Friday.