Calavo Growers (CVGW) PT Raised to $31 at Jefferies

Jefferies analyst Rob Dickerson raised the price target on Calavo Growers (NASDAQ: CVGW) to $31.00 (from $30.00) while maintaining a Hold rating.

The analyst comments "We’re updating our forecast for the pending divestment of the Prepared Foods business. With the divestment, CVGW becomes a slightly higher margin, focused and simplified business that should have a clean balance sheet (and increased SG&A savings) subsequent to deal close. We expect profitability to improve as we move through ’24 and find go-forward stability higher probability with Lee Cole back in the CEO seat. We remain sidelined for now, as we’d like to see consistent improvements in base fundamentals on a more consistent basis and the investigation to be finalized."

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