Ahead of the Bell: Chiquita reports strong 3Q
Chiquita shares rise after co. reports profit in 3rd quarter on strong banana, salad sales
- On 9:08 am EDT, Wednesday October 28, 2009
NEW YORK (AP) -- Shares of Chiquita Brands International Inc. rose in premarket trading on Wednesday after the banana and produce seller reported a third-quarter profit as it trimmed costs and better managed its pricing strategy to deal with seasonal shifts.
Jefferies & Co. analyst Scott Mushkin said results were helped by improved results in Fresh Express salads and better-than-expected banana sales.
"Success with the company's turnaround of its salad operations continues and Chiquita has again raised profitability expectations for salads in 2009," said Jefferies & Co. analyst Scott Mushkin and reiterated his "Buy" rating. He raised his target price to $25 from $29.
Shares rose 4.1 percent, or 60 cents, to $15.35 during premarket trading.
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