Auriga Reiterates a 'Buy' on Chiquita (CQB); Lower 4Q Revenue But Improved EPS

Auriga reiterates a 'Buy' on Chiquita (NYSE: CQB) price target of $12.00.

Auriga analyst says, "CQB's reported mixed results for its fiscal 4Q and FY11, including lower revenue but improved EPS. Despite a weaker pricing to start the year, recent improvements in market conditions and the implementation of a North American force majeure price increase should help to improve revenue in the coming months. In addition, the company is implementing several initiatives to boost future growth, including expanding into new markets as well as focusing on new salad initiatives, including private label. Chiquita also continues to focus of profitability by implementing additional cost reduction measures. Overall, we continue to view Chiquita's shares as cheap."

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

Shares of Chiquita closed at $9.23 yesterday.

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