Wells Fargo Upgrades Dole (DOLE) to Outperform; Shares Appear Ripe For Appreciation

Wells Fargo upgraded Dole (NYSE: DOLE) from Market Perform to Outperform with a price target range $11-$12.

Wells analyst says, "We believe the shares offer a compelling risk/return profile. We see roughly 35% upside potential from current levels to our 12-month valuation range of $11-12, and believe that downside risk is limited following the 17% stock price decline (vs. a 2% gain for the S&P 500) since Dole reported Q3 2011 results in mid November. We believe that the shares, trading at 5.5x our 2012 EBITDA estimate, are already pricing in continued difficult European banana markets.

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

Shares of Dole closed at $8.51 yesterday.

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