UPDATE: Bank of America Merrill Lynch Raises Price Objective on Dean Foods to $13 (DF)

Bank of America Merrill Lynch is out with its report today on Dean Foods

, raising its price objective to $13. In a note to clients, Bank of America Merrill Lynch writes, "We are maintaining our Neutral rating as we believe the shares already reflect the improved outlook for milk profitability and that milk margins have likely bottomed. Our $13 PO is based on our $0.88 2012 EPS est. and a 15x multiple." Shares of DF closed Tuesday at $12.24, up 11.48% from Monday's close.