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January 16, 2013
10:53 EDTMJNMead Johnson falls after analyst cuts stock to Neutral
Pediatric nutrition company Mead Johnson (MJN) is retreating after Credit Suisse analyst Robert Moskow downgraded the stock to Neutral from Outperform in a note to investors earlier today. Moskow reduced his 2013 sales growth forecast for the company to 6.7% from 8%. According to the analyst, 0.6 percentage points of the cut was triggered by "lingering competitive intensity" in the Chinese pediatric nutrition market, and a slower than expected rollout of the company's products into new Chinese cities. Another percentage point of the estimate reduction was due to Mead Johnson's cancellation of a contract, the analyst wrote. Moreover, the company's new CEO has called 2013 a "reinvestment year," possibly indicating that the company is facing tough problems this year, according to Moskow, who expects the company to provide lower than expected 2013 earnings per share guidance. In mid-morning trading, Mead Johnson slid $1.90, or 2.74%, to $67.34.
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