Jefferies analyst Akshay Jagdale downgraded Dean Foods to Hold from Buy and lowered his price target for the shares to $6 from $13. The analyst believes the company's cost savings opportunity is significant enough to more than offset secular headwinds. However, Dean's "disappointing" Q3 results and guidance indicate its margin turnaround will take much longer to materialize, Jagdale tells investors in a post-earnings research note. Meanwhile, competitive activity remains elevated, volume declines persist and Dean continues to lose share, says Jagdale. His downgrade reflects low visibility into the timing of the company's margin inflection and a belief its turnaround will take much longer to achieve.