Auriga Reiterates a 'Hold' on Fresh Del Monte (FDP); Q4 Preview: Improving Industry Conditions Could Help 2012 Outlook

Auriga reiterates a 'Hold' on Fresh Del Monte (NYSE: FDP) price target of $27.00.

Auriga analyst said, "FDP is scheduled to report results on Tuesday, and we expect the company to demonstrate better results compared to the prior year as well as guide towards an improving market in 2012. We believe that the company's growing season was not impacted by adverse weather, even in the Philippines which experienced storms in 4Q. We expect the company to report 4Q EPS of $0.17, slightly above consensus, on revenue of $834.2 million. We will also be looking for management to provide clarity regarding their exposure to potential fuel cost increases as well as their currency hedges for 2012. Nevertheless, FDP continues to have the strongest balance sheet among the three produce companies we cover: Chiquita (NYSE: CQB) (Buy: $12 PT), Dole (NYSE: DOLE)(Buy; $14 PT), and Fresh Del Monte...However, going into the call, we reiterate our price target as well as our recommendation as we believe shares are fairly valued."

For an analyst ratings summary and ratings history on Fresh Del Monte click here. For more ratings news on Fresh Del Monte click here.

Shares of Fresh Del Monte closed at $25.13 yesterday.

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