BB&T Capital Raises FDP Estimates

BB&T Capital is raising its estimates on Fresh Del Monte Produce, Inc. FDP. “We have raised our Q4'10 estimate to ($0.05) from ($0.20) and have taken our 2011 estimate to $2.27 from $2.10. Please see page 2 for detailed assumptions,” BB&T Capital writes. “We have not raised our Q4'10 estimate more dramatically as the improvement in EU pricing was late in the quarter; fruit costs surged during the period and Asian banana pricing was very weak during the quarter. Further, per management's projections of a significantly higher full-year tax rate, we have projected significant income tax expense in the quarter.” Fresh Del Monte Produce currently trades at $25.00.