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Bear Stearns Ups Del Monte Outlook

Bear Stearns raised its estimates on Fresh Del Monte (FDP).

Analyst Terry Bivens says after talking to sources, he thinks Fresh Del Monte should have a better-than-expected third quarter. As such, he raised his $0.30 third-quarter earnings per share estimate to $0.42, and upped the $2.91 2002 estimate to $3.03. He says Del Monte began cutbacks in bananas last year that he's now beginning to see.

He thinks these easy comps bode well for this year's volume numbers. Also it appears that pineapple and melon volumes are robust. Bivens notes the company has maintained a hedged position in the euro through the second quarter. He says the euro remains strong, which he thinks will positively impact top line. Bivens keeps his outperform rating and $34 target.

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