Goldman Sachs Lowers PT on Dole Foods to $10.50

Goldman Sachs has lowered the price target on Dole Food Company

from $12 to $10.50 and maintains its Neutral rating. In its report, Goldman Sachs writes, "We continue to expect DOLE earnings to remain choppy as weather and natural disasters could materially affect banana pricing. Our Neutral rating is a function of the stock's fairly attractive valuation on normalized EBITDA of ~$400 mn (5.2x implied), balanced by continued volatility of earnings and European macro weakness." Dole Foods is currently trading down $0.65 from yesterday's $8.95 closing price.