Jefferies Upgrades Diamond Foods (DMND) to Buy, Saying Over Grower Payments Unfounded

Jefferies upgraded Diamond Foods (NASDAQ: DMND) to Buy with a price target of $94, saying grower payments no need for concern.

The firm comments, "We are upgrading DMND to Buy from Hold as we consider the recent stock price decline overdone and concerns over grower payment unfounded. Our research indicates that DMND’s September payment should not have any negative impact on FY12 earnings and therefore we expect a recovery of the stock price. We continue to like the strong fundamentals, growth outlook and benefits of the Pringles acquisition."

For more ratings news on Diamond Foods click here and for the rating history of Diamond Foods click here.

Shares of Diamond Foods closed at $74.34 yesterday.

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