Janney Montgomery Scott Upgrades Chiquita Brands (CQB) to Buy
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Janney Montgomery Scott upgrades Chiquita Brands (NYSE: CQB) from Neutral to Buy. Price target $13.
Janney analyst says, "We now believe the company has an excellent chance to improve its bagged salad margins towards the 4% range for the full year (ex $16 million of Just Fruit in a Bottle investment), based on pricing discipline (+12%), rationalizing unprofitable customers (chiefly in foodservice), and realizing logistical benefits from the recent (4Q07) purchase of Verdelli Farms and its Northeast (Harrisburg) -based distribution infrastructure. We are satisfied that the company is taking a more balanced pursuit of near-term profitability vs. long-term brand driven growth. We see investment behind Just Fruit in a Bottle tailing down to the $7 million level in 2010 and are accordingly raising our EPS estimate to $1.51 from $1.30 with appropriate increases to cash flow."
To see more analyst ratings on CQB Click Here.
Chiquita Brands International, Inc. (CBII), and its subsidiaries (collectively, Chiquita), operates as an international marketer and distributor of bananas and other fresh produce sold under the Chiquita and other brand names in more than 90 countries, and of packaged salads sold under the Fresh Express and other brand names primarily in the United States.
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