(Reuters) - Shares of fruit and fresh vegetable distributor Dole Food Co Inc DOLE.N rose more than 12 percent on Friday, after the company swung to a fourth-quarter profit, helped by cost cuts.
The company, founded in the 1851, has been reducing costs to protect margins in the face of volatile demand for bananas, its biggest-selling item.
On Thursday, Dole Food said expense-reduction efforts helped the company post a quarterly profit despite increasing input costs.
However, Deutsche Bank cut its price target on the stock to $11 from $12 saying the North American banana market remains “challenging.”
Shares of the company were up $1.12 at $11.09 on Friday on the Nasdaq.
Reporting by Mihir Dalal in Bangalore; Editing by Saumyadeb Chakrabarty