Limoneira price target lowered to $17 from $20 at Roth Capital

Roth Capital analyst Gerry Sweeney lowered the firm’s price target on Limoneira to $17 from $20 and keeps a Buy rating on the shares. The analyst notes that the company closed out the year with modestly better-than-expected results in seasonally slow Q4. Looking to 2023, the focus will be on Limoneira’s objective of becoming asset "lighter," Sweeney says. This entails selling a portion of its lemon acreage, but maintaining the packing and marketing of the acres under the new owner. The potential sale of the land among other real estate moves should make Limoneira net debt free, freeing up cash flow for shareholders returns and select investments, he adds.