Chiquita Shares Rally Sharply Following BB&T's Upgrade
BB&T analyst Brett Hundley upgraded his rating on Chiquita (NYSE: CQB) Monday morning, pushing the stock nearly 8 percent higher.
The BB&T analyst now rates Chiquita at Buy, up from Hold previously. A $15 price target was set.
Hundley attributed the raised investment rating to an uptick in overall sentiment and a restructuring effort which will "yield fruit" sometime next year.
Hundley believes Dole's (NASDAQ: DOLE) recent go-private deal is good news for the industry as a whole. He see's the deal as a great indication for favorable contract pricing in 2014.
With shares of Chiquita last trading at $10.92, Hundley's price target suggests potential upside of about 37 percent.
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