UPDATE: Jefferies Raises Price Target on Fresh Del Monte to $27

According to Jefferies, Fresh Del Monte

price target is raised to $27. Jefferies said that it is assuming coverage of FDP from Scott Mushkin. Its rating remains Hold and price target moves to $27 from $26. “We expect the combination of an improved European banana market, stable pineapple trends, and still challenging melon conditions to drive limited margin expansion and, in turn, limited multiple expansion in 2012.” Fresh Del Monte closed yesterday at $24.44.