BB&T Capital Ups Chiquita to Buy

Analyst Heather Jones cited recent banana tariff proposals

BB&T Capital raised its investment recommendation on Chiquita Brands International (CQB ) to buy from hold.

Analyst Heather Jones said there will be a status quo outcome to the European Union banana regime debate. She said certain member states have noted they would vote against the most recent tariff proposal. The analyst noted that Costa Rica has rejected a new proposal, as has Ecuador. She said that management seems more committed than had been believed to an improving North American market. As such, she raises her $2.55 2007 earnings per share estimate to $2.70 to account for an improved pricing outlook. She set a $32 12-month price target.

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