UPDATE: Jefferies Raises PT to $26 on Fresh Del Monte Produce; Q1 Profit Upside

Jefferies raises its price target from $25 to $26 on Fresh Del Monte Produce

and reiterates its Hold rating on shares. Jefferies comments, "Better-than-expected 1Q profitability, namely in certain other fresh produce categories, does hint at further improvement if trends continue. However, broader challenges in the European banana market, likely still-lower volumes in melons and tomatoes and the potential for increased retail produce price competition to trickle down, are mitigating factors that could keep cash flows more subdued in the near/intermediate term." FDP closed at $24.07 on Monday.