Del Monte’s (DLM) long-term objectives are to achieve
earnings growth in the range of 7% to 9% and topline
growth in the range of 3% to 5%. However, the
guidance for both earnings and revenues growth for
fiscal 2010, exceed the long-term range, and are
now expected to increase by approximately 15% and
4% to 6%, respectively.

Price increases implemented
across the product portfolio helped Del Monte post
strong profits during the first quarter of fiscal 2010
compared to a net loss in the comparable prior-year
period. Del Monte has been able to boost sales
through continued emphasis on product and
packaging innovation.

We therefore upgrade the
shares of Del Monte to Outperform.Zacks Investment Research

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