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TreeHouse Foods. Inc. ( THS ) has been downgraded at Credit Suisse from a Neutral rating to Underperform, while the price target was lowered to $50 from $55.

THS reported adjusted 3Q EPS of $0.70, below consensus of $0.78 and moved to the low-end of its 2012 EPS guidance at $2.75-$2.85. Organic sales fell 2% including a 4% volume decline and operating profit fell 15%. Credit Suisse is lowering its 2012 and 2013 estimates below consensus.

The company's EPS estimates for 2012, 2013 and 2014 are $2.75, $3.05, and $3.30, which assumes 10% EPS growth in 2013 and 8% in 2014.

"This may be overly optimistic given that EPS has been essentially flat since 2010 as management projections for double-digit EPS growth have failed to materialize," Credit Suisse said in a report, adding that "TreeHouse is now a 'show me' story having missed or lowered guidance in five of its last seven quarters in the increasingly volatile private label food and beverage industry."

THS is trading in a 52-week range of $46.15 - $67.25.

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