BMO Capital upgraded Mead Johnson to Outperform and lowered its price target to $89 from $99 on shares. Analyst Amit Sharma believes valuation reflects a likely ales/earnings growth guidance cut and downward estimate revisions. Additionally, Johnson's analysis of proprietary formula pricing data in the Chinese internet channel indicates key players have pulled back from excessive discounting levels and shifting to focused time-based promotions. The analyst expected pricing discipline to return given moderating global dairy deflation and likely adoption of new regulations in China.