BB&T Downgrades Dole Food Company (DOLE)

BB&T Capital Markets is downgrading Dole Food Company, Inc. DOLE to Hold from Buy. In a note to clients, BB&T writes, "On our new 2011 estimate, the shares are attractively priced, but the group has been stuck in the 7.0x-9.0x range for nearly two years and we do not foresee anything to drive them back to the historical average, which is closer to 10.0x-13.0x. We await more favorable S/D dynamics in the banana industry to turn more bullish on the stock." Shares of DOLE lost 5 cents yesterday to close at $9.44.