From Standard & Poor's Equity ResearchCredit Suisse downgraded the EIS units of B&G Foods (BGF

) to underperform from neutral, noting the stock's valuation.

Analyst Robert Moskow says he has been impressed with the company's success at offsetting higher commodity costs through its list price increases, by transitioning promotional spending to pay-for-performance on certain brands to increase efficiency. However, he did not foresee a 16% run up in the stock (as of yesterday's close) since March 31. He believes the stock is now ahead of itself given risk to earnings from continuing input cost increases and volume weakness.