Jefferies Downgrades Chiquita (CQB) to Hold

Jefferies downgraded Chiquita (NYSE: CQB) from Buy to Hold with a price target of $7.50, down from $12.

The firm comments, "Despite management’s best efforts to rationalize and grow the business, competitive forces plus a very challenging macro environment in Europe are leading to continued earnings pressure. With no near-term relief visible, and arguably the situation in Europe deteriorating, we are moving to the sidelines and downgrading CQB to Hold from Buy."

FY12 EPS was cut from $0.95 to $0.04 and FY13 from $1.26 to $0.67.

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 $8.02 yesterday.

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