Zacks Investment Research upgraded shares of Diamond Foods, Inc. (DMND) from NEUTRAL to OUTPERFORM on December 30, 2013, with a target price of $28.00.
We have upgraded our long-term recommendation on Diamond Foods to Outperform, based on better-than-expected bottom-line results for first-quarter fiscal 2014. The company is progressing well with its cost saving endeavors and operational efficiencies. We believe Diamond Foods' turnaround strategies such as improving price realization, lowering underperforming SKUs and reducing dependency on discounts have started producing desirable results, as evident from improved margins in the trailing three quarters. Moreover, we expect the company's future results to depict more sustained growth of its brands, arising from product innovation and differentiation, improved cost structure and rebuilding of healthy relationships with walnut suppliers.
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