logo
  Join        Login             Stock Quote

Dole Food (DOLE) PT Cut To $10 By Deutsche Bank, 'Hold' Maintained

 May 04, 2012 02:11 PM


(By Balaseshan) Deutsche Bank (DB) lowered its price target on shares of Dole Food Company Inc. (NYSE:DOLE) to $10 from $11, while maintaining its "Hold" rating.

The brokerage said the company's Q1 was hit by weak commodity prices. Dole reported a Q1 miss, with little deleveraging progress and adjusted EPS $0.16 versus DB's $0.37 (consensus $0.31, but most estimates closer to $0.40).

Revenues declined to $1.627 billion from $1.686 billion, while Street predicted $1.68 billion.

Adjusted EBITDA of $71.0 million missed DB's $94.1 million estimate and declined 36%, with weakness in the two commodity segments. Fresh Fruit EBITDA fell 43% and Fresh Vegetables decreased 21%, while Packaged Food segment remains the standout at up 9.9%.

[Related -Is $12 Enough For Dole Food Company Inc. (DOLE)? Almost]

In addition, Dole Food said its board of directors and management have initiated a comprehensive strategic review of its businesses seeking to enhance shareholder value.

The company said it plans to disclose developments with respect to the progress of the strategic review process at such time, if any, that the company determines further disclosure is appropriate or required.

Dole Food is a producer, marketer and distributor of fresh fruit and fresh vegetables. The company operates in three business segments: fresh fruit, fresh vegetables and packaged foods.

DOLE is trading up 5.50% at $9.20 on Friday.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageNetflix, Inc. (NFLX) Q2 Earnings Preview: The Ruby Month for a Reason

Netflix, Inc. (NASDAQ:NFLX) will post its second-quarter 2014 financial results and business outlook on its read on...

article imageLadenburg Thalmann Financial Services (NYSEMKT:LTS): Heavy, Durable Insider Buying

Ahh, but any worries over price levels didn’t stop multiple insiders at Ladenburg Thalmann Financial read on...

article imageInternational Business Machines Corp. (IBM) Q2 Earnings Preview: Small Beat and Pop

International Business Machines Corp. (NYSE:IBM) will host a conference call Wednesday, Jul. 16, 2014 at read on...

article imageGoogle Inc. (GOOGL) Q2 Earnings Preview: A Few Pennies Either Way Make a Big Difference.

Google Inc. (NASDAQ:GOOGL) will hold its quarterly conference call to discuss second quarter 2014 financial read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.