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 image3 US Updates Show Ongoing Growth

Three economic updates today provide more evidence that moderate growth endures for the US. The numbers du read on...

article imageBuy These Solar Stocks Before They Snapback

Sometimes the market hands you a gift. And it would be foolish not to take it. Thanks to general market read on...

article imageInvestors Are Even More Euphoric And Confident.

As noted on the blog last Thursday, even though the market had been down for three straight weeks, last read on...

article imageThe Butterfly Machine

There’s a phenomenon called the Butterfly Effect. One common quotation is “It has been said that something 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.