UPDATE: Jefferies Downgrades Chiquita Brands; Lowers PT

According to a research report published this morning, Jefferies has downgraded Chiquita Brands International

from Buy to Hold, and lowered PT from $12 to $7.50. Jefferies commented in the report, "Despite management's best efforts to rationalize and grow the business, competitive forces plus a very challenging macro environment in Europe are leading to continued earnings pressure. With no near-term relief visible, and arguably the situation in Europe deteriorating, we are moving to the sidelines and downgrading CQB to Hold from Buy." Chiquita Brands closed yesterday at $8.02.