UPDATE: Credit Suisse Downgrades Tumi On 2015 Outlook

In a report published Wednesday, Credit Suisse analyst Christian Buss downgraded the rating on Tumi Holdings Inc TUMI from Outperform to Neutral, and lowered the price target from $23.00 to $22.00. In the report, Credit Suisse noted, “Adjusting Estimates; Downgrade to Neutral And Lower Target Price To $22 From $23. We are maintaining our FY14 revenue and EPS estimates of $526M and $0.85. Our FY15 revenue and EPS estimates go to $597M and $0.99 from $601M and $1.03. We downgrade shares to Neutral from Outperform and lower our Target Price to $22 from $23 based on a weighted average of 1) comparable multiples ($20); 2) long-term growth model ($25); and 3) a five-year DCF ($22).” Tumi closed on Tuesday at $22.65.