Total Produce Plc (TOT), an Irish distributor of fruit and vegetables, climbed to the highest in over six years in Dublin trading, as the company raised its full-year earnings target.
Total Produce rose 3.3 percent to 78 cents at 9:19 a.m., the highest since July 9 2007. That gives the company a market capitalization of 259 million euros. Over 316,000 shares were traded, 109 percent of the three month daily average.
The company said trading conditions are satisfactory, and revised its earnings forecast upwards to the upper half of a 8 cent to 8.80 cents per share range that it set out in May.
“These are a solid set of results,” Merrion analyst David Holohan wrote in a note to clients today. Total Produce “remains an undervalued company with a strong medium term growth trajectory benefitting from increased investment in new markets.’’
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