J.P. Morgan Lowers Estimates on Dean Foods

J.P. Morgan is out with its report on Dean Foods

lowering its estimates on DF. In a note to clients, "We are lowering our 4Q and FY11 EPS estimates to $0.13 from $0.14 and $0.74 from $0.97, respectively, to reflect the increased interest expense from the company's recent debt restructuring and little fundamental improvement in the dairy complex. Our December 2011 target price of $10 is based on the assumption of a 10x multiple on our rough 2012 estimate of $1.00." DF is trading at $8.15.