UPDATE: Credit Suisse Downgrades Douglas Dynamics on Valuation

In a report published Wednesday, Credit Suisse analyst Hamzah Mazari downgraded the rating on

from Neutral to Underperform, but reiterated the $14.00 price target. In the report, Credit Suisse noted, “Downgrading PLOW shares based on valuation and lower dividend growth driven by unit sales running below normalized levels. We do not see short-term catalysts for the stock and although we view the dividend as safe growth is likely to be relatively muted We are revising our 2013 EPS to $0.51 (from $0.48) and our 2014 EPS estimate to $0.70 (from $0.74) to account for updated guidance combined with a slower ramp in activity levels.” Douglas Dynamics closed on Tuesday at $14.72.