Stephens lowered the firm's price target on Calavo Growers to $27 from $28 and keeps an Equal Weight rating on the shares. Q4 results were slightly below the firm's estimates as weaker Fresh pricing and volume more than offset strong momentum in Prepared, says the analyst, who adds that the quarter was "overshadowed" by the announced agreement for Mission Produce to acquire Calavo. The firm views this as "a logical outcome" given the strategic fit and one that should help stabilize the earnings profile over time as integration synergies are pursued.
