Jefferies Downgrades Diamond Foods (DMND) to Underperform, Sees Another 33% Downside

November 19, 2012 6:53 AM EST
Get Alerts DMND Hot Sheet
Price: $37.56 --0%

Rating Summary:
    3 Buy, 12 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Jefferies downgraded Diamond Foods (NASDAQ: DMND) from Hold to Underperform with a price target of $10.00 (from $27.00).

The firm comments, "We are downgrading DMND to Underperform from Hold, following the restatement of earnings. In our view, the lack of earnings visibility, potential for FY13 EBITDA decline and neg. EPS expectations are not sufficiently reflected in the stock price. While mgmt. seems to have a viable strategy we believe that it will take some time to show positive results and until then we prefer not to own the stock. Our new PT is $10 (from $27)."

The firm cut EPS for the current quarter to $0.65 to $0.02, FY12 was cut from $2.58 to $0.49 and FY13 was cut from $3.43 to ($0.71).

For an analyst ratings summary and ratings history on Diamond Foods click here. For more ratings news on Diamond Foods click here.

Shares of Diamond Foods closed at $15.13 yesterday.

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