UPDATE: Goldman Sachs Reiterates Neutral Rating, Lowers PT on Dole Food Company Following News About Shares/Ships/Strawberries

In a report published Wednesday, Goldman Sachs analyst Jason English reiterated a Neutral rating on

, but lowered the price target from $11.00 to $10.50. In the report, Goldman Sachs noted, “DOLE announced today that its board of directors has suspended its $200mn share repurchase authorization (announced May 9) and approved the acquisition of 3 new specialty refrigerated container ships for its U.S. West Coast operations at a cost of $165 mn on phased delivery in late 2015/early 2016. DOLE also noted that high 1H13 volatility in its strawberry business due to weather will likely cause full-year strawberry business losses to be $23mn below plan (vs. the expected $15-20 mn loss described on the 1Q13 call).” Dole Food Company closed on Tuesday at $10.41.