DAVY VIEW

We are upgrading our FY24 and FY25 adjusted EBITDA forecasts by c.1.5% and c.2% to $388.5m and $400m respectively, underpinned by Dole’s strong and consistent performance. We believe the recent softness in Dole's share price is disconnected from its underlying fundamentals. In our view, the current valuation fails to adequately reflect the company's proven track record of consistent profit delivery and the significant strides it has made in deleveraging its balance sheet. We reiterate our ‘Outperform’ rating and share price target of $19, implying c.30% upside to the current market price.