UPDATE: Credit Suisse Downgrades Gardner Denver to Underperform, Raises PT on Acquisition by KKR

In a report published Wednesday, Credit Suisse analyst Julian Mitchell downgraded the rating on Gardner Denver

from Outperform to Underperform, but slightly raised the price target from $75.00 to $76.00. In the report, Mitchell noted, “We now rate GDI as Underperform (from Outperform). Given that the acquisition by KKR appears to be on track, and it is unlikely that a bidding war develops, we believe an Underperform rating is now more appropriate. Our price target moves to the offer price of $76 per share (from $75). We are revising our 2013/2014/2015 EPS estimates to $5.90/$5.42/$5.96 (from $5.53/$5.67/$6.20) respectively.” Gardner Denver closed on Tuesday at $75.17.