Not going bananas over Del Monte Pacific

SINGAPORE (Sept 13): CIMB has downgraded food and beverage company Del Monte Pacific (DMPL) to “hold” from “buy” with an unchanged target price of 38 cents.

“We make no changes to our EPS forecasts but downgrade our call to Hold, as the share price has reached our target price,” says CIMB analyst William Tng in a report on Friday.

DMPL posted a net loss of US$8.7 million ($11.8 million) for the three months ended 31 July, narrowing 18.3% from its net loss of US$10.7 million a year ago on higher operating profit.

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