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Dean Foods Company Message Board

  • well_off_and_well_connected well_off_and_well_connected May 24, 2013 11:51 AM Flag

    Deutsche Bank Adjusts Dean Foods (DF) Price Target to $13

    Deutsche Bank today maintained a Buy rating on Dean Foods with a price target of $13.00 (from $23.00). The new price target accounts for the spin-off of WhiteWave Foods Company

    "With the spin out of WWAV (less 20% retention), we continue to view core DF as offering very significant upside. The 20% stake in WWAV equates to $3.35 per share to DF. Using an undemanding 6.5x EBITDA multiple on DF supports a value of $9-10 per share. Combined, our new price target of DF is $13. As mgmt optimizes the capital structure, we see a return of cash to shareholders leading to even greater upside on core DF valuation," said analyst Eric Katzman.

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