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WR Hambrecht Still Neutral on Mondavi

Robert Mondavi (MOND) cut its fiscal 2002 earnings per share growth guidance to 13%-15% from 16%-18%. WR Hambrecht maintains its neutral rating on the shares.

Analyst Kristine Koerber says Mondavi cited the soft economic environment; revenues were expected to grow about 12% in fiscal 2001, vs. previous guidance of 13%-14%. She says most of the fiscal 2002 shortfall will be reflected in Q1, with EPS now expected to be flat with year ago's $0.70, due to lower shipments of Coastal wines. Koerber believes the shares are fairly valued at current levels, trading at 13.9 times her $2.95 fiscal 2001 EPS estimate and 12.3 times her new $3.33 fiscal 2002 estimate.

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