Auriga Reiterates Buy, $12 PT on Chiquita Brands
Auriga maintains its Buy rating and $12 target price on Chiquita Brands (NYSE: CQB) ahead of Q4 release, which is expected to feature improved results on better weather in Latin America compared to last year.
Auriga says, "We are expecting Chiquita to report 4Q revenue of $765.3 million, compared to $773.1 million in 4Q10 and consensus expectations of $758.5 million. We also expect EPS of ($0.10) compared to ($0.39) last year as well as consensus expectations of ($0.17). This year, we do not expect any material weather events to have impacted crop conditions, and should allow for a more normalized growing season and well as create a stable supply environment for the remainder of the year."
CQB closed at $9.35 a share on Friday.
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